The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: Beginning balances were: Cash, $94,000; Taxes Receivable, $191,000; Accounts Payable, $53,000; and Fund Balance, $232,000.The budget was passed. Estimated revenues amounted to $1,240,000 and appropriations totaled $1,237,200. All expenditures are classified as General Government.Property taxes were levied in the amount of $920,000. All of the taxes are expected to be collected before February 2021.Cash receipts totaled $890,000 for property taxes and $300,000 from other revenue.Contracts were issued for contracted services in the amount of $97,000.Contracted services were performed relating to $87,000 of the contracts with invoices amounting to $85,200.Other expenditures amounted to $968,000.Accounts payable were paid in the amount of $1,100,000.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 CPrepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" inthe first account field.)View transaction listJournal entry worksheet12Beginning balances were: Cash, $94,000; Taxes Receivable, $191,000;Accounts Payable, $53,000; and Fund Balance, $232,000.Transaction013 4 5 6 7 8Note: Enter debits before credits.Record entryGeneral JournalClear entry< Required A12Debit CreditView general journalRequired B > 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, $94,000; Taxes Receivable, $191,000; Accounts Payable, $53,000; and Fund Balance, $232,000.2. The budget was passed. Estimated revenues amounted to $1,240,000 and appropriations totaled $1,237,200. All expenditures areclassified as General Government.3. Property taxes were levied in the amount of $920,000. All of the taxes are expected to be collected before February 2021.4. Cash receipts totaled $890,000 for property taxes and $300,000 from other revenue.5. Contracts were issued for contracted services in the amount of $97,000.6. Contracted services were performed relating to $87,000 of the contracts with invoices amounting to $85,200.7. Other expenditures amounted to $968,000.8. Accounts payable were paid in the amount of $1,100,000.9. 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 CPrepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" inthe first account field.)View transaction listJournal entry worksheet123 4 5 6 78Beginning balances were: Cash, $94,000; Taxes Receivable, $191,000;Accounts Payable, $53,000; and Fund Balance, $232,000.12>

Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: Beginning balances were: Cash, $94,000; Taxes Receivable, $191,000; Accounts Payable, $53,000; and Fund Balance, $232,000. The budget was passed. Estimated revenues amounted to $1,240,000 and appropriations totaled $1,237,200. All expenditures are classified as General Government. Property taxes were levied in the amount of $920,000. All of the taxes are expected to be collected before February 2021. Cash receipts totaled $890,000 for property taxes and $300,000 from other revenue. Contracts were issued for contracted services in the amount of $97,000. Contracted services were performed relating to $87,000 of the contracts with invoices amounting to $85,200. Other expenditures amounted to $968,000. Accounts payable were paid in the amount of $1,100,000. 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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 13MC: Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would...

See similar textbooks

Related questions

Question

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020:

Beginning balances were: Cash, $94,000; Taxes Receivable, $191,000; Accounts Payable, $53,000; and Fund Balance, $232,000.
The budget was passed. Estimated revenues amounted to $1,240,000 and appropriations totaled $1,237,200. All expenditures are classified as General Government.
Property taxes were levied in the amount of $920,000. All of the taxes are expected to be collected before February 2021.
Cash receipts totaled $890,000 for property taxes and $300,000 from other revenue.
Contracts were issued for contracted services in the amount of $97,000.
Contracted services were performed relating to $87,000 of the contracts with invoices amounting to $85,200.
Other expenditures amounted to $968,000.
Accounts payable were paid in the amount of $1,100,000.
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
Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in
the first account field.)
View transaction list
Journal entry worksheet
1
2
Beginning balances were: Cash, $94,000; Taxes Receivable, $191,000;
Accounts Payable, $53,000; and Fund Balance, $232,000.
Transaction
01
3 4 5 6 7 8
Note: Enter debits before credits.
Record entry
General Journal
Clear entry
< Required A
12
Debit Credit
View general journal
Required B >

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, $94,000; Taxes Receivable, $191,000; Accounts Payable, $53,000; and Fund Balance, $232,000.
2. The budget was passed. Estimated revenues amounted to $1,240,000 and appropriations totaled $1,237,200. All expenditures are
classified as General Government.
3. Property taxes were levied in the amount of $920,000. All of the taxes are expected to be collected before February 2021.
4. Cash receipts totaled $890,000 for property taxes and $300,000 from other revenue.
5. Contracts were issued for contracted services in the amount of $97,000.
6. Contracted services were performed relating to $87,000 of the contracts with invoices amounting to $85,200.
7. Other expenditures amounted to $968,000.
8. Accounts payable were paid in the amount of $1,100,000.
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.
Required A Required B Required C
Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in
the first account field.)
View transaction list
Journal entry worksheet
1
2
3 4 5 6 7
8
Beginning balances were: Cash, $94,000; Taxes Receivable, $191,000;
Accounts Payable, $53,000; and Fund Balance, $232,000.
12
>

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.