The following transactions relate to the General Fund of theCity of Buffalo Falls for the year ended December 31,2017:
- Beginning balances were: Cash, $91,000; Taxes Receivable,$186,500; Accounts Payable, $50,750; and Fund Balance,$226,750.
- The budget was passed. Estimated revenues amounted to$1,210,000 and appropriations totaled $1,207,800. All expendituresare classified as General Government.
- Property taxes were levied in the amount of $905,000. All ofthe taxes are expected to be collected before February 2018.
- Cash receipts totaled $875,000 for property taxes and $292,500from other revenue.
- Contracts were issued for contracted services in the amount of$91,750.
- Contracted services were performed relating to $82,500 of thecontracts with invoices amounting to $81,300.
- Other expenditures amounted to $954,500.
- Accounts payable were paid in the amount of $1,077,500.
- The books were closed.
Required:
a. Prepare journal entries for the abovetransactions.
b. Prepare a Statement of Revenues, Expenditures,and Changes in Fund Balance for the General Fund.
c. Prepare a Balance Sheet for the General Fundassuming there are no restricted or assigned net resources andoutstanding encumbrances are committed by contractualobligation.
