At the end of the fiscal period the debit balance in the change fund is reported as a (n)

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Klein

26 April, 13:56

At the end of the fiscal period the debit balance in the change fund is reported as a (n)

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Quinn Salas · Answer 1

The debit balance at the end of the fiscal year becomes a remaining amount of the revenue (expense) or a deficit from the estimated revenue. This is reported on the income statement and followed on the next report that should be addressed on to the future revenue.