Hamilton Township needs to make its closing entries to close out its budgetary and operating accounts. Assume that Hamilton Township has a balance remaining of $275,000 in encumbrances outstanding as of the end of the year. The outstanding invoices are expected to be honored in the next fiscal year.

Required: 

Prepare the journal entries to close the encumbrance account.

Answer rating: 100% (QA)

Solution 1 Journal entries to close encumbrance account Amount Debi... View the full answer