Beginning balances were: Cash, $104,000; Taxes Receivable, $206,000; Accounts Payable, $60,500; and Fund Balance, $249,500.

The budget was passed. Estimated revenues amounted to $1,340,000 and appropriations totaled $1,335,200. All expenditures are classified as General Government.

Property taxes were levied in the amount of $970,000. All of the taxes are expected to be collected before February 2021.

Cash receipts totaled $940,000 for property taxes and $325,000 from other revenue.

Contracts were issued for contracted services in the amount of $114,500.

Record the invoices amounting to $98,200 from the contracts.

Record the Contracted services of $102,000 as performed

Other expenditures amounted to $1,013,000.

Accounts payable were paid in the amount of $1,164,500.

Record the closing entries. Record the transfer of revenues to the relevant control account.

Record the closing entries. Record the transfer of encumbrances control account.

Record the closing entries. Record the closure of revenues and expenditure to fund balance.