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
Budgetary fund balance ...... 50,000
Revenues ............ 780,000
Expenditures ........... 760,000