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, $93,000; Taxes Receivable, $189,500; Accounts Payable, $52,250; and Fund Balance, $230,250. The budget was passed. Estimated revenues amounted to $1,230,000 and appropriations totaled $1,227,400. All expenditures are classified as General Government. Property taxes were levied in the amount of $915,000. All of the taxes are expected to be collected before February 2021. Cash receipts totaled $885,000 for property taxes and $297,500 from other revenue. Contracts were issued for contracted services in the amount of $95,250. Contracted services were performed relating to $85,500 of the contracts with invoices amounting to $83,900. Other expenditures amounted to $963,500. Accounts payable were paid in the amount of $1,092,500. 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.
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Mathematics, 12.02.2020 03:55
