Which of the following journal entries should be made to, Ask an Expert

Accounting

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 Fund Balance and credit Encumbrances.

C) Debit Encumbrances and credit Reserve for Encumbrances.

D) None. The encumbrance account is not closed at the end of the year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9412393

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