Question: (Closing entries) At the end of calendar year 2013, the following balances were found in the ledger of the Old Elias Library Fund. Prepare closing journal entries for these budgetary and financial accounts. Also, state the effect of the year's operating results on the library's fund balance.

Estimated revenues                         $800,000

Appropriations                                  750,000

Budgetry fund balance                         50,000

Revenues                                        780,000

Expenditures                                    760,000