Vicki Bonilla, a new accounting clerk for the town of Evergreen, recorded the closing entries for the current year. Miss Bonilla questions the necessity of making a closing entry for encumbrance accounts with balances. She suggests not closing the encumbrances. Then when items are received for which the encumbrances were recorded, make the regular journal entries. That is, (1) reverse the encumbrance entry and (2) debit Expenditures and credit Cash. Do you agree with Miss Bonilla? Explain your response.