What Journal Entry Should Be Made at the End of the Fiscal

question 28

Multiple Choice

What journal entry should be made at the end of the fiscal year to close out encumbrances for which goods and services have not been received?

• A) Debit reserve for encumbrance and credit encumbrances.
• B) Debit reserve for encumbrances and credit fund balance.
• C) Debit fund balance and credit encumbrances.
• D) Debit encumbrances and credit reserve for encumbrances.

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Definitions:

Cyclothymic Disorder

A chronic mood disorder characterized by alternating periods of mild depression and hypomania.

Chronic

Referring to a health condition or disease that is persistent or long-lasting in its effects, often for more than three months.

More Cyclic

Involving or characterized by cycles; often refers to conditions or processes that recur in cycles.

Dangerous

Involving potential risk, harm, or danger to someone’s safety or health.