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  3. 3. hamilton township needs to make its closing ent

3. Hamilton Township needs to make its closing entries to close out its budgetary and...

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Accounting

3. Hamilton Township needs to make its closing entries to close out its budgetary and operating accounts. Assume that Hamilton Township has a balance remaining of $275,000 in encumbrances outstanding as of the end of the year. The outstanding invoices are expected to be honored in the next fiscal year. Required: Prepare the journal entries to close the encumbrance account.

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