Reference no: EM132647973

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020:

Beginning balances were:

Cash, $104,000;

Taxes Receivable, $206,000;

Accounts Payable, $60,500; and

Fund Balance, $249,500.

The budget was passed. Estimated revenues amounted to $1,340,000 and appropriations totaled $1,335,200. All expenditures are classified as General Government.

• Property taxes were levied in the amount of $970,000. All of the taxes are expected to be collected before February 2021.
• Cash receipts totaled $940,000 for property taxes and $325,000 from other revenue.
• Contracts were issued for contracted services in the amount of $114,500.
• Contracted services were performed relating to $102,000 of the contracts with invoices amounting to $98,200.
• Other expenditures amounted to $1,013,000.
• Accounts payable were paid in the amount of $1,164,500.
• The books were closed.

Required:

Question a. Prepare journal entries for the above transactions.

Question b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.

Question 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.