Multiple Choice
Which of the following journal entries should be made to close the Encumbrances account at the end of the fiscal year?
A) Debit Reserve for Encumbrances and credit Encumbrances.
B) Debit Encumbrances and credit Reserve for Encumbrances.
C) Debit Encumbrances and credit Fund Balance.
D) Debit Fund Balance and credit Encumbrances.
Correct Answer:
Verified
Correct Answer:
Verified
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