The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: 1. Beginning balances were: Cash, $95,000; Taxes Receivable, $192,500: Accounts Payable, $53,750; and Fund Balance, $233,750. 2. The budget was passed. Estimated revenues amounted to $1,250,000 and appropriations totaled $1,247.000. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $925,000. All of the taxes are expected to be collected before February 2021. 4. Cash receipts totaled $895,000 for property taxes and $302.500 from other revenue. 5. Contracts were issued for contracted services in the amount of $98,750. 6. Contracted services were performed relating to $88,500 of the contracts with invoices amounting to $86,500. 7. Other expenditures amounted to $972,500. 8. Accounts payable were paid in the amount of $1,107,500. 9. The books were closed. Required: a. Prepare journal entries for the above transactions. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund. c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation. Complete this question by entering your answers in the tabs below. Required A Required B Required View transaction list :X: 1 Beginning balances were: Cash, $95,000; Taxes Receivable, $192,500; Accounts Payable, $53,750; and Fund Balance, $233,750. The budget was passed. Estimated revenues amounted to $1,250,000 and appropriations totaled $1,247,000. All expenditures are classified as General Government. 3 Property taxes were levied in the amount of $925,000. All of the taxes are expected to be collected before February 2021. 4 Cash receipts totaled $895,000 for property taxes and $302,500 from other revenue. 5 Contracts were issued for contracted services in the 5 Contracts were issued for contracted services in the amount of $98,750. Record the invoices amounting to $86,500 from the contracts. Record the Contracted services of $88,500 as performed. Other expenditures amounted to $972,500. Credit 9 Accounts payable were paid in the amount of $1,107,500. 10 Record the closing entries. Record the transfer of revenues to the relevant control account. Note : - journal entry has been entered DIE cre 11 Record the closing entries. Record the transfer of encumbrances control account. 12 Record the closing entries. Record the closure of revenues and expenditure to fund balance. Note : = journal entry has been entered Record entry Clear entry View general Required A Required B Required c Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund. CITY OF BUFFALO FALLS- GENERAL FUND Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2020 Revenues: Total Revenues Expenditures: Current Total Expenditures Other Financing Sources (Uses) Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 Required A Required B Required a Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation. (Leave no cells blank - be certain to enter 0" wherever required.) CITY OF BUFFALO FALLS General Fund Balance Sheet As of December 31, 2020 Assets Total Assets Liabilities, Deferred Inflows, and Fund Balances Liabilities: Total Liabilities Fund Balances: Nonspendable Total Fund Balances Total Liabilities, Deferred Inflows, and Fund Balances