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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