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

  
 
 

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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, $106,000; Taxes Receivable, $209,000; Accounts Payable, $62,000; and Fund Balance, $253,000. 2. The budget was passed. Estimated revenues amounted to $1,360,000 and appropriations totaled $1,354,800. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $980,000. All of the taxes are expected to be collected before February 2021. 4. Cash receipts totaled $950,000 for property taxes and $330,000 from other revenue. 5. Contracts were issued for contracted services in the amount of $118,000. 6. Contracted services were performed relating to $105,000 of the contracts with invoices amounting to $100,800. 7. Other expenditures amounted to $1,022,000. 8. Accounts payable were paid in the amount of $1,179,500. 9. The books were closed. Required: a. Prepare journal entries for the above transactions. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund. c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation. Complete this question by entering your answers in the tabs below. Required A Required B Required C View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 01 No Journal Entry Required 02 Estimated Revenues 1,360,000 Appropriations 1,354,800 Budgetary Fund Balance 5,200 3. 03 Taxes Receivable 980,000 Property Tax Revenue 980,000 4. 04 Cash 1,280,000 Taxes Receivable 950,000 Other Revenues 330,000 05 Encumbrances 118,000 Budgetary Fund Balance-Reserve for Encumbrances 118,000 6. 6a General Government Expenditures 100,800 Accounts Payable 100,800 6b Budgetary Fund Balance-Reserve for Encumbrances 105,000 Encumbrances 105,000 6. 6a General Government Expenditures 100,800 Accounts Payable 100,800 6b Budgetary Fund Balance-Reserve for Encumbrances 105,000 Encumbrances 105,000 8 07 General Government Expenditures 1,022,000 Accounts Payable 1,022,000 9. 08 Accounts Payable 1,179,500 Cash 1,179,500 10 9a Appropriations 1,354,800 Budgetary Fund Balance 5,200 Estimated Revenues 1,360,000 11 9b Budgetary Fund Balance-Reserve for Encumbrances 13,000 Encumbrances 13,000 12 9c Property Tax Revenue 980,000 Other Revenues 330,000 General Government Expenditures 1,122,800 Fund Balance 187,200 Required A Required B Required C Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance fc CITY OF BUFFALO FALLS GENERAL FUND Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2020 Revenues: 980,000 330,000 Property Taxes 2$ Other Revenues Total Revenues 1,310,000 Expenditures: Current: 100,800 1,022,000 General Government Expenditures Other Expenditures Total Expenditures 1,122,800 187,200 Other Financing Sources (Uses) Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 253,000 Fund Balance, December 31 2$ 253,000 Required A Required 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. (Leave no cells blank - be certain to enter 0" wherever required.) CITY OF BUFFALO FALLS General Fund Balance Sheet As of December 31, 2020 Assets Total Assets 24 Liabilities, Deferred Inflows, and Fund Balances Liabilities: Total Liabilities 0. Fund Balances: Nonspendable Total Fund Balances 0. Total Liabilities, Deferred Inflows, and Fund Balances 2$ 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, $106,000; Taxes Receivable, $209,000; Accounts Payable, $62,000; and Fund Balance, $253,000. 2. The budget was passed. Estimated revenues amounted to $1,360,000 and appropriations totaled $1,354,800. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $980,000. All of the taxes are expected to be collected before February 2021. 4. Cash receipts totaled $950,000 for property taxes and $330,000 from other revenue. 5. Contracts were issued for contracted services in the amount of $118,000. 6. Contracted services were performed relating to $105,000 of the contracts with invoices amounting to $100,800. 7. Other expenditures amounted to $1,022,000. 8. Accounts payable were paid in the amount of $1,179,500. 9. The books were closed. Required: a. Prepare journal entries for the above transactions. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund. c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation. Complete this question by entering your answers in the tabs below. Required A Required B Required C View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 01 No Journal Entry Required 02 Estimated Revenues 1,360,000 Appropriations 1,354,800 Budgetary Fund Balance 5,200 3. 03 Taxes Receivable 980,000 Property Tax Revenue 980,000 4. 04 Cash 1,280,000 Taxes Receivable 950,000 Other Revenues 330,000 05 Encumbrances 118,000 Budgetary Fund Balance-Reserve for Encumbrances 118,000 6. 6a General Government Expenditures 100,800 Accounts Payable 100,800 6b Budgetary Fund Balance-Reserve for Encumbrances 105,000 Encumbrances 105,000 6. 6a General Government Expenditures 100,800 Accounts Payable 100,800 6b Budgetary Fund Balance-Reserve for Encumbrances 105,000 Encumbrances 105,000 8 07 General Government Expenditures 1,022,000 Accounts Payable 1,022,000 9. 08 Accounts Payable 1,179,500 Cash 1,179,500 10 9a Appropriations 1,354,800 Budgetary Fund Balance 5,200 Estimated Revenues 1,360,000 11 9b Budgetary Fund Balance-Reserve for Encumbrances 13,000 Encumbrances 13,000 12 9c Property Tax Revenue 980,000 Other Revenues 330,000 General Government Expenditures 1,122,800 Fund Balance 187,200 Required A Required B Required C Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance fc CITY OF BUFFALO FALLS GENERAL FUND Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2020 Revenues: 980,000 330,000 Property Taxes 2$ Other Revenues Total Revenues 1,310,000 Expenditures: Current: 100,800 1,022,000 General Government Expenditures Other Expenditures Total Expenditures 1,122,800 187,200 Other Financing Sources (Uses) Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 253,000 Fund Balance, December 31 2$ 253,000 Required A Required 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. (Leave no cells blank - be certain to enter 0" wherever required.) CITY OF BUFFALO FALLS General Fund Balance Sheet As of December 31, 2020 Assets Total Assets 24 Liabilities, Deferred Inflows, and Fund Balances Liabilities: Total Liabilities 0. Fund Balances: Nonspendable Total Fund Balances 0. Total Liabilities, Deferred Inflows, and Fund Balances 2$

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a Journal entries SNo Particulars Debit Credit 1 No Journal entry 2 Estimated revenue control 136000... View the full answer