7. During the previous year, Bane County closed its Encumbrances account. At the end of the previous year there was $7,000 of outstanding purchase commitments. To restore these commitments to the accounts, which of the following entries would be required? * (2 Points) Debit Encumbrances $7,000; credit Fund balance $7,000 Debit Reserve for encumbrances $7,000; credit Encumbrances $7,000. Debit Encumbrances $7,000; credit Reserve for encumbrances $7,000. Debit Fund balance $7,000; credit Reserve for encumbrances $7,000