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

Question

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

To Close Encumbrances at the End of the Year Which