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, $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
2018.
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.

Transaction General Journal Debit Credit

1 No Journal Entry Required

2 Estmated Revenues Control $ 1,240,000

Appropriations Control $ 1,237,200
Budgetary Fund Balance $ 2,800

3 Taxes Receivable $ 920,000

Revenues Control $ 920,000

4 Cash $ 1,190,000
Taxes Receivable $ 890,000
Revenues Control $ 300,000

5 Encumbrances Control $ 97,000

Budgetary Fund Balance - Reserve for Encumbrances $ 97,000

6a Budgetary Fund Balance - Reserve for Encumbrances $ 87,000

Encumbrances Control $ 87,000
6b Expenditures Control $ 85,200
Accounts Payable $ 85,200

7 Expenditures Control $ 968,000

Accounts Payable $ 968,000

8 Accounts Payable $ 1,100,000

Cash $ 1,100,000

9a Appropriations Control $ 1,237,200

Budgetary Fund Balance $ 2,800
Estimated Revenues Control $ 1,240,000
9b Budgetary Fund Balance - Reserve for Encumbrances $ 10,000
 Encumbrances Control $ 10,000
9c Revenues Control $ 1,220,000
Expenditures Control $ 1,053,200
Fund Balance $ 166,800
 City of Buffalo Falls - General Fund
d December 31, 2017: Statemnet of Revenues, Expenditures, and Changes in Fund Balance
For the Year Ended December 31, 2017
00; and Fund Balance, Revenues:
Property Taxes $ 920,000
ed $1,237,200. All Other Revenues $ 300,000

cted before February Total Revenues $ 1,220,000

Expenditures:
General Governmet Contracted Services $ 85,200
Other Expenditures $ 968,000
ting to $85,200.
Total Expenditures $ 1,053,200
Excess of Revenues Over Expenditures $ 166,800
Fund Balance, January 1, 2017 $ 232,000
Fund Balance, December 31, 2017 $ 398,800

City of Buffalo Falls

General Fund
Balance Sheet
As of December 31 2017
Assets:
Cash (1,190,000-1,100,000+94,000) $ 184,000
Taxes Receivable (920,000-890,000+191,000) $ 221,000

Total Assets $ 405,000

Liabilities an Fund Balance
Liabilities:
Accounts Payable (85,200+968,000-1,100,000+53,000 $ 6,200
Fund Balance:
Committed for Contract Serivces $ 10,000
Unassigned $ 388,800

Total Fund Balance $ 398,800

Total Liailities and Fund Balances $ 405,000