Journal entries for general fund of city of buffalo falls

The following transactions relate to the general fund of the City of Buffalo Falls for the year ended December 31, 2012:

1 Beginning balances were Cash, $150,000; Taxes receivable $200,000; Accounts Payable, $50,000; and Fund Balance, $300,000.

2 The budget was passed. Estimated revenues amounted to $2,000,000 and appropriations totaled $1,980,000. All expenditures are classified as General Government.

3 Property taxes levied in the amount of $1,200,000. All of the taxes are expected to be collected before February 2013.

4 Cash receipts totaled $1,200,000 from property taxes and $740,000 from other revenue.

5 Contracts were issued for contracted services in the amount of $900,000.

6 Contracted services were performed relating to $765,000 of the contracts with invoices amounting to $759,000.

7 Other expenditures amounted to $950,000.

8 Accounts payable were paid in the amount of $1,700,000.

9 The books were closed.

Prepare journal entries for transactions.