The following transactions relate to the General Fund of theCity of Buffalo Falls for the year ended December 31,2017:
- Beginning balances were: Cash, $95,000; Taxes Receivable,$192,500; Accounts Payable, $53,750; and Fund Balance,$233,750.
- The budget was passed. Estimated revenues amounted to$1,250,000 and appropriations totaled $1,247,000. All expendituresare classified as General Government.
- Property taxes were levied in the amount of $925,000. All ofthe taxes are expected to be collected before February 2018.
- Cash receipts totaled $895,000 for property taxes and $302,500from other revenue.
- Contracts were issued for contracted services in the amount of$98,750.
- Contracted services were performed relating to $88,500 of thecontracts with invoices amounting to $86,500.
- Other expenditures amounted to $972,500.
- Accounts payable were paid in the amount of $1,107,500.
- 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.
