Question 4-7

was one transfer ou 1 /. Include closing entries. ic transactions for the fiscal year ended June 47. The following transactions relate to the General Fund of the City of Buffar Falls for the year ended December 31, 2017: 4-9. The 1. Beginning balances were: Cash, $90,000; Taxes Receivable, $185,00). 1 . Accounts Payable, $50,000; and Fund Balance, $225,000. 2. The budget was passed. Estimated revenues amounted to $1,200,0 2. and appropriations totaled $1, 198,000. All expenditures are classified a 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. 3. E 4. Cash receipts totaled $870,000 for property taxes and $290,000 from other revenue. 4. D 5. Contracts were issued for contracted services in the amount of $90,000. rei 6. Contracted services were performed relating to $81,000 of the contracts tra with invoices amounting to $80,000. ref em 7. Other expenditures amounted to $950,000. 5. $13 8. Accounts payable were paid in the amount of $1,070,000. a. F 9. The books were closed. Required: e b. P a. Prepare journal entries for the above transactions. Fu b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund C. Pr Balance for the General Fund. ne c. Prepare a Balance Sheet for the General Fund assuming there are no 4-10. Assume at restricted or assigned net resources and outstanding encumbrances are Fund (a sp committed by contractual obligation. -8