Business, 26.01.2022 16:00 DarkKings799

Beginning balances were: Cash, $97,000; Taxes Receivable, $195,500; Accounts Payable, $55,250; and Fund Balance, $237,250. The budget was passed. Estimated revenues amounted to $1,270,000 and appropriations totaled $1,266,600. All expenditures are classified as General Government.

Property taxes were levied in the amount of $935,000. All of the taxes are expected to be collected before February 2021.

Cash receipts totaled $905,000 for property taxes and $307,500 from other revenue.

Contracts were issued for contracted services in the amount of $102,250.

Contracted services were performed relating to $91,500 of the contracts with invoices amounting to $89,100.

Other expenditures amounted to $981,500.

Accounts payable were paid in the amount of $1,122,500.

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.

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Beginning balances were: Cash, $97,000; Taxes Receivable, $195,500; Accounts Payable, $55,250; and F...

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