The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2017 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 Property taxes were levied in the amount of $925,000 All of the taxes are expected to be collected before February 2018 Cash receipts totaled $895,000 for property taxes and $302,500 from other revenue Contracts were issued for contracted services in the amount of $98,750 Contracted services were performed relating to $88,500 of the contracts with invoices amounting to $86,500 Other expenditures amounted to $972,500 Accounts payable were paid in the amount of $1,107,500 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

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The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2017: Beginning balances were: Cash,

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2017:

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.
Property taxes were levied in the amount of $925,000. All of the taxes are expected to be collected before February 2018.
Cash receipts totaled $895,000 for property taxes and $302,500 from other revenue.
Contracts were issued for contracted services in the amount of $98,750.
Contracted services were performed relating to $88,500 of the contracts with invoices amounting to $86,500.
Other expenditures amounted to $972,500.
Accounts payable were paid in the amount of $1,107,500.
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.