Preparation of closing entries

The Town of Munising reports the following trial balance after all entries have been made for the year:

The Town's budget for the year, originally entered into the financial records, was as follows:

In addition, the Town issued purchase orders for goods and services amounting to $$8,704$ that are outstanding at the end of the fiscal year. It intends to honor those purchase invoices.

Prepare the appropriate closing entries for the year.

Please fill in each account with the following available titles:

Budgetary Fund Balance

Encumbrances

Estimated revenues

Fund balance $-$ assigned

Fund balance $-$ unassigned

Other financing sources $-$ bond proceeds

Fund balance $-$ nonspendable