Question

Check 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, $109,000; Taxes Receivable, $213,500; Accounts Payable, $64,250; and Fund Balance, $258,250 2. The budget was passed. Estimated revenues amounted to $1,390,000 and appropriations totaled $1,384,200. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $995,000. All of the taxes are expected to be collected before February 2021 4. Cash receipts totaled $965,000 for property taxes and $337,500 from other revenue. 5. Contracts were issued for contracted services in the amount of $123,250. 6. Contracted services were performed relating to $109,500 of the contracts with invoices amounting to $104,700. 7. Other expenditures amounted to $1,035,500. 8. Accounts payable were paid in the amount of $1,202,000. 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. Renured A Required Renuired

Answer 1

City of Buffalo falls – Journal Sr. no. Particulary (Ins) Cro 1390,000 1384200 1) Estimated revenue control To Appropriation To Budgetar fund 2) Taxes receivable ToRevenue 5800 ...Por 995ooo 995ooo 3) Cash 1302 Soo Taxes receivables Revenue 965 000 337500 123250 123250 Encumbrances control Budgetary fund 5) Budgetary fund Dr. 109 500 To encumbrances control 6) Expenditure control... 104 For 109500 To Anonts pouble 104700 (7) On 1035500 Expenditure control ... To Accounts pooble 1035500 Accomts payble Dr. 1202000 To cash 1202,000

Sr. No. Particulars Dr. er. 9 Appropriation Dr. (138 4200 Buredge taryfandi 5800 Estimated neuenue control 1390ooo To ..Don 13750 Budgetary fund Encumbrances 13750 10 1302500 Revenue Expenditure control 1140200 fund Balance 162300

city of buffalo falls Statement of Revenues, expenditure and change in fund Balance for the year ended Dec 31, 2017 Revenue : Taxes ) other revenues 965,000 337,500 Total Revenue 1302 Soo less; contract services Others 104 too 1035500 162 300 surplus i.e. Excess of revenue over expenditure Add: opening fund Balance 258 250 Closing find Balance 42055o

city of Buffalo Falls Balance sheet ended Dec 31, 2017 for the year 209500 Assets. cash (logooo + 1.302500 - 1202000) Tax receivable 213sos Total 42.000 2450 Liabilities & fund Balance Liabilities Accouts payble (64,250 + 104700 + 103550 - 1202000) fund balances. Contract services committed (123250 - logsoo, others. (420550 - 13750) 13750 406800 Total 423,000