(Closing journal entries)

The following are selected accounts from the trial balance of the Walker Tunnel Fund, a Capital Projects Fund, as of June 30, 2004 (the end of the fiscal year):

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Required: 1. Prepare the closing entry for June 30, 2004.
2. Assuming no revenues are budgeted for fiscal 2005, prepare the opening entries necessary for July 1, 2004.

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Appropriations Fund balance Cash Encumbrances Revenues-grants $4,711,000 78,000 245,000 1,345,000 3,000,000 Estimated revenues 2,020,000 Expenditures-construction costs 3,000,000 Investments 75,000 Revenue investments 19,000