The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2017: 1

Subject:FinancePrice:3.87 Bought7

Share With

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

1.     Beginning balances were: Cash, $90,000; Taxes Receivable, $185,000; Accounts Payable, $50,000; and Fund Balance, $225,000.

2.     The budget was passed. Estimated revenues amounted to $1,200,000 and appropriations totaled $1,198,000. All expenditures are classified as General Government.

3.     Property taxes were levied in the amount of $900,000. All of the taxes are expected to be collected before February 2018.

4.     Cash receipts totaled $870,000 for property taxes and $290,000 from other revenue.

5.     Contracts were issued for contracted services in the amount of $90,000.

6.     Contracted services were performed relating to $81,000 of the contracts with invoices amounting to $80,000.

7.     Other expenditures amounted to $950,000.

8.     Accounts payable were paid in the amount of $1,070,000.

9.     The books were closed.

Required:
a. Prepare journal entries for the above transactions.

Complete this question by entering your answers in the tabs below.

·         Required A

·         Required B

Required 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.