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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, $94,000; Taxes Receivable, $191,000; Accounts Payable, $53,000; and Fund Balance, $232,000.

2.The budget was passed. Estimated revenues amounted to $1,240,000 and appropriations totaled $1,237,200. All expenditures are classified as General Government.

3.Property taxes were levied in the amount of $920,000. All of the taxes are expected to be collected before February 2021.

4.Cash receipts totaled $890,000 for property taxes and $300,000 from other revenue.

5.Contracts were issued for contracted services in the amount of $97,000.

6.Contracted services were performed relating to $87,000 of the contracts with invoices amounting to $85,200.

7.Other expenditures amounted to $968,000.

8.Accounts payable were paid in the amount of $1,100,000.

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.

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