Reference no: EM132718465

Question - 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, $105,000; Taxes Receivable, $207,500; Accounts Payable, $61,250; and Fund Balance, $251,250.

2. The budget was passed. Estimated revenues amounted to $1,350,000 and appropriations totaled $1,345,000. All expenditures are classified as General Government.

3. Property taxes were levied in the amount of $975,000. All of the taxes are expected to be collected before February 2021.

4. Cash receipts totaled $945,000 for property taxes and $327,500 from other revenue.

5. Contracts were issued for contracted services in the amount of $116,250.

6. Contracted services were performed relating to $103,500 of the contracts with invoices amounting to $99,500.

7. Other expenditures amounted to $1,017,500.

8. Accounts payable were paid in the amount of $1,172,000.

9. The books were closed.

Required -

1. What are the journal entries for the above transactions.

2. What are the Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.

3. What are the Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation.