Journal entries for general fund of city of buffalo falls

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Reference no: EM1355914

The following transactions relate to the general fund of the City of Buffalo Falls for the year ended December 31, 2012:

1 Beginning balances were Cash, $150,000; Taxes receivable $200,000; Accounts Payable, $50,000; and Fund Balance, $300,000.

2 The budget was passed. Estimated revenues amounted to $2,000,000 and appropriations totaled $1,980,000. All expenditures are classified as General Government.

3 Property taxes levied in the amount of $1,200,000. All of the taxes are expected to be collected before February 2013.

4 Cash receipts totaled $1,200,000 from property taxes and $740,000 from other revenue.

5 Contracts were issued for contracted services in the amount of $900,000.

6 Contracted services were performed relating to $765,000 of the contracts with invoices amounting to $759,000.

7 Other expenditures amounted to $950,000.

8 Accounts payable were paid in the amount of $1,700,000.

9 The books were closed.

Prepare journal entries for transactions.

Reference no: EM1355914

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