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, $107,000; Taxes Receivable, $210,500; Accounts Payable, $62,750; and Fund Balance, $254,750.

2. The budget was passed. Estimated revenues amounted to $1,370,000 and appropriations totaled $1,364,600. All expenditures are 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:

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.