Multiple Choice
To close Reserve for encumbrances at the end of the year which of the following entries should be made?
A) Debit Reserve for encumbrances; credit Fund balance.
B) Debit Reserve for encumbrances; credit Encumbrances.
C) Debit Fund balance; credit Reserve for encumbrances.
D) No closing entry needed.
Correct Answer:
Verified
Correct Answer:
Verified
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