The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2015: Beginning balances were: Cash, $100,000; Taxes Receivable, $175,000; Accounts Payable, $50,000; and Fund Balance, $225,000. The budget was passed. Estimated revenues amounted to $2,000,000 and appropriations totaled $1, 98,000. All expenditures are classified as General Government. Property taxes were levied in the amount of $1, 200,000. All of the taxes are expected to be collected before February 2016