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The following transactions relate to the general fund of the the city of

y: Exercise 4-7 (due Day 7 0 She Help Save Exit Sum 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, $108,000, Taxes Receivable, $212,000, Accounts Payable, $63.500, and Fund Balance $256.500 2. The budget was passed. Estimated revenues amounted to $1,380,000 and appropriations totaled $1,374,400. All expenditures are classified as General Government 3. Property taxes were levied in the amount of $990,000 All of the taxes are expected to be collected before February 2021 4. Cash receipts totaled $960,000 for property taxes and $335.000 from other revenue. 5 Contracts were issued for contracted services in the amount of $121.500, 6 Contracted services were performed relating to $108,000 of the contracts with invoices amounting to $103,400 7 Other expenditures amounted to $1,031,000 8. Accounts payable were paid in the amount of $1194.500 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 Complete this question by entering your answers in the tabs below. Prev 1 of 1 Next Assets: Cash and Cash Equivalents Receivables Inventories Capital Assets, Net 450,000 $ 534,000 947,000 $ 1,397,000 1,577,000 2,111,000 618,000 618,000 8,437,000 24.480,000 16,043,000 0 17,027,000 11,579,000 28,606,000 Total Assets Liabilities: Accounts Payable Compensated Absences Payable Bonds Payable 664,000 771,000 427,000 9,265,000 3,812,000 1,435,000 427,000 13,077,000 0 14,939,000 10,463,000 4,476,000 0 Total Liabilities Net Position: Net Investment in Capital Assets Capital Assets, Net Restricted Unrestricted Total Net Position 16,043,000 16,043,000 0 0 $ 16,043,000 $ 0 $ 16,043,000 Preu ::: Nevt

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