ces The following transactions relate to the General Fund of the City of Buffalo Falls for...

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ces The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2024: 1. Beginning balances were: Cash, $96,000; Taxes Receivable, $194.000; Accounts Payable, $54,500; and Fund Balance, $235,500. 2. The budget was passed. Estimated revenues amounted to $1,260,000 and appropriations totaled $1,256,800. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $930,000. All of the taxes are expected to be collected before February 2025. 4. Cash receipts totaled $900,000 for property taxes and $305,000 from other revenue. 5. Contracts were issued for contracted services in the amount of $100,500. 8. Contracted services were performed relating to $90,000 of the contracts with invoices amounting to $87,800. 7. Other expenditures amounted to $977,000. 8. Accounts payable were paid in the amount of $1,115,000. 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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund. CITY OF BUFFALO FALLS GENERAL FUND Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2024. Revenues: Property Taxes Other Revenues Total Revenues Expenditures: Current: General Government Operations Other Expenditures Total Expenditures Excess (Deficiency) of Revenues Over Expenditures Fund Balance, January 1 Fund Balance, December 31 Required A. 930.000 305.000 1.235.000 87 800 1.115.000 1.202.800 32.200 32 200 Required C > ces The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2024: 1. Beginning balances were: Cash, $96,000; Taxes Receivable, $194.000; Accounts Payable, $54,500; and Fund Balance, $235,500. 2. The budget was passed. Estimated revenues amounted to $1,260,000 and appropriations totaled $1,256,800. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $930,000. All of the taxes are expected to be collected before February 2025. 4. Cash receipts totaled $900,000 for property taxes and $305,000 from other revenue. 5. Contracts were issued for contracted services in the amount of $100,500. 8. Contracted services were performed relating to $90,000 of the contracts with invoices amounting to $87,800. 7. Other expenditures amounted to $977,000. 8. Accounts payable were paid in the amount of $1,115,000. 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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund. CITY OF BUFFALO FALLS GENERAL FUND Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2024. Revenues: Property Taxes Other Revenues Total Revenues Expenditures: Current: General Government Operations Other Expenditures Total Expenditures Excess (Deficiency) of Revenues Over Expenditures Fund Balance, January 1 Fund Balance, December 31 Required A. 930.000 305.000 1.235.000 87 800 1.115.000 1.202.800 32.200 32 200 Required C >

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City of Buffalo Falls General Fund Accounting Req A Journal Entries Transaction 1 No journal entry needed for beginning balances They are simply starting points for the accounting records Transaction ... View the full answer