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, 2020.

There were no transfers into the General Fund, but there was one transfer out. Prepare journal entries to record the transactions for the fiscal year ended June 30, 2020. Include closing entries.

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Postclosing Trial Balance Transactions Postclosing July 1, 2019, to June 30, 2020 Trial Balance June 30, June 30, 2019 Debits Credits 2020 Cash $1,310,400 1,279,600 $490,000 $1,274,000 $453,600 Taxes Receivable 28.000 1,316,000 64,400 $518,000 $518.000 Allowance for Uncolleciible Taxes 7,000 1,278,000 5,600 5,600 7,000 Accounts Payabie 92,400 1,296,400 74,000 Fund Balence 420,000 17,000 437,000 $518,000 $518,000