In: Accounting
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.
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