The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: Beginning balances were: Cash, $102,000; Taxes Receivable, $203,000; Accounts...

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, $102,000; Taxes Receivable, $203,000; Accounts Payable, $59,000; and Fund Balance, $246,000.


2. The budget was passed. Estimated revenues amounted to $1,320,000 and appropriations totaled $1,315,600. All expenditures are classified as General Government.


3. Property taxes were levied in the amount of $960,000. All of the taxes are expected to be collected before February 2021.


4. Cash receipts totaled $930,000 for property taxes and $320,000 from other revenue.


5. Contracts were issued for contracted services in the amount of $111,000.


6. Contracted services were performed relating to $99,000 of the contracts with invoices amounting to $95,600.


7. Other expenditures amounted to $1,004,000.


8. Accounts payable were paid in the amount of $1,155,000.


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.