There were no transfers into the General Fund, but there was one transfer out, Prepare journal entries to record the transactions for the fiscal year ended June 30 2017 include closing entries. The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2017. Beginning balance were: Cash $90,000: Taxes Receivable, $185,000 Accounts payable $50,000 and Fund Balance. $225.000. The budget was passed. Estimated revenues amounted to $l.200.000 and appropriations totaled $1, 198.000. All expenditures are classified as General Government. Property taxes were levied in the amount of $900.000. All of the taxes are expected to be collected before February 2018. Cash receipts totaled $870,000 for property taxes and $290.000 from other revenue. Contracts were issued for contracted services in the amount of $90.000. Contracted services were performed relating to $81.000 of the contracts with invoices amounting to $80,000. Other expenditures amounted to $950,000. Accounts payable were paid in the amount of $1, 070,000. 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