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A city made requisite GL entries to set aside funds for a future purchase via an encumbrance. Subsequently, the City receives ordered goods, and invoices
A city made requisite GL entries to set aside funds for a future purchase via an encumbrance. Subsequently, the City receives ordered goods, and invoices are presented for payment. The general ledger journal entry in the General Fund to record expenditures and reversal of the associated encumbrance would include a...
1. debit to Encumbrance
2. credit to Encumbrance
3. credit to Reserve for Encumbrances
4. no entry
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