The following information was abstracted from the accounts of the General Fund of the City of Rome after the books had been closed for the fiscal year ended June 30, 2012.

During the year, purchase orders were placed in the amount of $1,070,000. These purchase orders were filled in the amount of $1,000,000 leaving $70,000 open at year-end. There were no transfers into the General Fund, but one transfer out. Prepare journal entries to record the budgeted and actual transactions for the fiscal year ended June 30, 2012. Include closingentries.

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Transactions July 1, 2011 to June 30, 2012 Postclosing Trial Balance June 30, 2011 Postdlosing Trial Balance June 30, 2012 Debits Credits Cash Taxes Receivable $700,000 $1,820,000 $1,867,000 $653,000 92,000 $745,000 40,000 1,880,000 1,828,000 740,000 Allowance for Uncollectible Taxes 8,000 8,000 $ 10,000 $10,000 20,000 Accounts Payable 132,000 ,852,000 1,740,000 Fund Balance Budgetary Fund Balance- 70,000 645,000 $745,000 Reserve for Encumbrances 70,000 45,000 Unreserved 600,000 $740,000