The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: ted 1. Beginning balances were: Cash $107000; Taxes Receivable. $210,500: Accounts Payable. $62750; and Fund Balance $254, 2. The budget was passed. Estimated revenues amounted to $1,370,000 and appropriations totaled $1.364,600. All expenditures classified as General Government. 3. Property taxes were levied in the amount of $985,000. All of the taxes are expected to be collected before February 2021 4. Cash receipts totaled $955,000 for property taxes and $332,500 from other revenue. 5. Contracts were issued for contracted services in the amount of $119.750 6. Contracted services were performed relating to $106,500 of the contracts with invoices amounting to $102,100 7. Other expenditures amounted to $1,026,500. 8. Accounts payable were paid in the amount of $1,187.000. 9. The books were closed. Required: o. 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 C Prepare foumal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) No General Journal Debit Credit Transaction 01 No Journal Entry Required Cameroun No Journal Entry Required 2 Estimated Revenues Appropriations Budgetary Fund Balance 1,370,000 1,364,600 5.400 3 Taxes Receivable Other Revenues 985,000 985,000 4 Cash Taxes Receivable Other Revenues 955,000 332,500 622,500 5 Encumbrances 119.750 Budgetary Fund Balance-Reserve for Encumbrancos 119.750 a General Government Expenditures Accounts Payable 102 100 102 100 b Budgetary Fund Balance--Reserve for Encumbrances 106,500 Encumbrances 106,500 37 General Government Expendituros 1,026,500 Submitted Budgetary Fund Balance - Reserve for Encumbrances 119,750 General Government Expenditures Accounts Payable 102,100 102,100 6b Budgetary Fund Balance - Reserve for Encumbrances 106,500 Encumbrances 106,500 07 General Government Expenditures Accounts Payable 1,026,500 1,026,500 08 Accounts Payable Cash 1,187,000 1,187,000 9a Appropriations Budgetary Fund Balance Estimated Revenues 1,364,600 5,400 1,370,000 9b Budgetary Fund Balance--Reserve for Encumbrances Encumbrances 13,250 > 13 250 Bc > Other Revenues Property Tax Revenue General Government Expenditures Budgetary Fund Balance 622,500 985.000 1 128 600 2.736 100 % Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for CRYOR BUFFALO FALLS - GENERAL FUND Statement of Revenujes, Expenditures, and Changes in Fund Balance For the rear Ended December 31, 2020 Revenues: $ Property Taxes Other Revenues 985,000 332,500 Total Revenues 1,317,500 Expenditures: Current General Government Expenditures Other Expenditures Total Expenditures Excess of Revenues Over Expenditures Other Financing Sources (Uses) Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 102,100 1,026,500 1,128,600 188,900 188,900 254,750 443,650 $ ded OF BUFFALO General Fund Balance Sheet As of December 31, 2020 Assets Cash Taxes Receivable-Gross $ 207,500 210,500 X $ 418,000 Total Assets Liabilities, Deferred Inflows, and Fund Balances Liabilities: Accounts Payable 4,350 4,350 Total Liabilities Fund Balances: Nonspendable CommittedContract Services Unassigned 13,250 400,400 Total Fund Balances Total Liabilities Deferred Inflows and Fund Balances 413,650 S 418,000 Poiced R