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, $104,000; Taxes Receivable, $206,000; Accounts Payable, $60,500; and Fund Balance, $249,500
The budget was passed. Estimated revenues amounted to $1,210,000 and appropriations totaled $1,207,800. All expenditures are classified as General Government.
Property taxes were levied in the amount of $905,000. All of the taxes are expected to be collected before February 2018.
Cash receipts totaled $875,000 for property taxes and $292,500 from other revenue.
Contracts were issued for contracted services in the amount of $91,750.
Contracted services were performed relating to $82,500 of the contracts with invoices amounting to $81,300.
Other expenditures amounted to $954,500.
Accounts payable were paid in the amount of $1,077,500.
The books were closed.
Required:
Prepare journal entries for the above transactions.