7C. Part 1. Private Purpose Trust Fund Transactions The City of Monroe Scholarship Foundation private-purpose trust fund had the following account balances on January 1, 2020:

	Debits			Credits
Cash	$	50,500
Accrued Interest Receivable		7,500
Investments in Corporate Bonds		750,000
Net position Held in Trust				$	808,000
Totals	$	808,000		$	808,000

Required:

c. Prepare and post an entry closing all nominal accounts to Net position.