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The following transactions relate to the General Fund of the City of Buffalo Falls for the...

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Accounting

The following transactions relate to the General Fund of theCity of Buffalo Falls for the year ended December 31,2017:

  1. Beginning balances were: Cash, $95,000; Taxes Receivable,$192,500; Accounts Payable, $53,750; and Fund Balance,$233,750.
  2. The budget was passed. Estimated revenues amounted to$1,250,000 and appropriations totaled $1,247,000. All expendituresare classified as General Government.
  3. Property taxes were levied in the amount of $925,000. All ofthe taxes are expected to be collected before February 2018.
  4. Cash receipts totaled $895,000 for property taxes and $302,500from other revenue.
  5. Contracts were issued for contracted services in the amount of$98,750.
  6. Contracted services were performed relating to $88,500 of thecontracts with invoices amounting to $86,500.
  7. Other expenditures amounted to $972,500.
  8. Accounts payable were paid in the amount of $1,107,500.
  9. 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.

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