From the following ledger account balances for the Town of Irving General Fund on June 30, 2006, the end of the town's fiscal year, prepare closing entries:
Estimated revenues 1,600,000
Fund balance reserved for encumbrances 10,000
Appropriations (DR) 1,520,000
Budgetary Fund Balance (DR) 80,000
Estimated Revenues ...
Closing entries from given information provided.