Exercise 4-7 (Algo)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, $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 areclassified 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 2021.4. 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 $100,500.6. 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 outstandingencumbrances are committed by contractual obligation.Complete this question by entering your answers in the tabs below.Required A Required B Required CJournal entry worksheet12 34 5 6 7812Beginning balances were: Cash, $96,000; Taxes Receivable, $194,000;Accounts Payable, $54,500; and Fund Balance, $235,500.Note: Enter debits before credits.TransactionGeneral Journal01Estimated RevenuesAppropriationsBudgetary Fund BalanceRecord entryClear entryDebit CreditView general journal Required A Required B Required CPrepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.CITY OF BUFFALO FALLS - GENERAL FUNDStatement of Revenues, Expenditures, and Changes in Fund BalanceFor the Year Ended December 31, 2020Revenues:0Total RevenuesExpenditures:Current:Total ExpendituresOther Financing Sources (Uses)Total Other Financing Sources (Uses)Net Change in Fund BalanceFund Balance, January 1Fund Balance, December 31000< Required ARequired C >Required A Required BRequired CPrepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resoencumbrances are committed by contractual obligation. (Leave no cells blank - be certain to enter 0CITY OF BUFFALO FALLSGeneral FundBalance SheetAs of December 31, 2020AssetsTotal AssetsLiabilities, Deferred Inflows, and Fund BalancesLiabilities:Total LiabilitiesFund Balances:NonspendableTotal Fund BalancesTotal Liabilities, Deferred Inflows, and Fund Balances$$$00

calculation of above requirement are as follows

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, $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 2021. 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. 6. 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

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, $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 2021. 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. 6. 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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