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, $97,000; Taxes Receivable, $195,500; Accounts Payable, $55,250; and Fund Balance, $237,250.
2. The budget was passed. Estimated revenues amounted to $1,270,000 and appropriations totaled $1,266,600. All expenditures are classified as General Government.
3. Property taxes were levied in the amount of $935,000. All of the taxes are expected to be collected before February 2021.
4. Cash receipts totaled $905,000 for property taxes and $307,500 from other revenue.
5. Contracts were issued for contracted services in the amount of $102,250.
6. Contracted services were performed relating to $91,500 of the contracts with invoices amounting to $89,100.
7. Other expenditures amounted to $981,500.
8. Accounts payable were paid in the amount of $1,122,500.
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.

JOURNAL ENTRIES THAT NEED TO BE MADE

1 Beginning balances were: Cash, $97,000; Taxes Receivable, $195,500; Accounts Payable, $55,250; and Fund Balance, $237,250. 2 The budget was passed. Estimated revenues amounted to $1,270,000 and appropriations totaled $1,266,600. All expenditures are classified as General Government. 3 Property taxes were levied in the amount of $935,000. All of the taxes are expected to be collected before February 2021. 4 Cash receipts totaled $905,000 for property taxes and $307,500 from other revenue. 5 Contracts were issued for contracted services in the amount of $102,250. 6 Record the invoices amounting to $89,100 from the contracts. 7 Record the Contracted services of $91,500 as performed. 8 Other expenditures amounted to $981,500. 9 Accounts payable were paid in the amount of $1,122,500. 10 Record the transfer of revenues to the relevant control account. 11 Record the transfer of encumbrances control account. 12 Record the closure of revenues and expenditure to fund balance. Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Beginning balances were: Cash, $97,000; Taxes Receivable, $195,500; Accounts Payable, $55,250; and Fund Balance, $237,250. Note: Enter debits before credits. General Journal Debit Credit Transaction 01 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 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 Durad Paciendo