Which of the following accounts are debited when closing entries are made for the general fund (assume outstanding encumbrances lapse at year-end)?
A)I,II,III,VI.
B)I,II,IV.
C)I,IV,V,VI.
D)III,IV,V.

Question

Quizplus · Accepted Answer

I - Fund balance - unassigned (to close out the revenues and expenses for the year)
IV - Revenues (to close out revenue accounts for the year)
V - Expenditures (to close out expenditure accounts for the year)
VI - Other financing sources (to account for any transfers in or out of the fund during the year)

Which of the Following Accounts Are Debited When Closing Entries