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QUESTION
Given the following account balances from a trial balance: Deferred Inflows - Property Taxes. $40,000 Revenues. 900,000 Expenditures. 700,000...
Given the following account balances from a trial balance:
Deferred Inflows - Property Taxes.... $40,000
Revenues.................................. 900,000
Expenditures.............................. 700,000
Encumbrance............................. 20,000
Special Item (sale of land).............. 15,000
Total Fund Balance..................... 62,000
The CLOSING ENTRIES would include a:
I. Credit to Fund Balance of $235,000
II. Credit to Special Item of $15,000
A. I only B. II only C. Both I & II D. Neither I nor II
