Question

The Estimated Revenues account of a government is debited when: Question 38 options: A) The account...

The Estimated Revenues account of a government is debited when:

Question 38 options:

A)

The account is closed to fund balance-unassigned at the end of the year.

B)

Property taxes are recorded.

C)

Property taxes are collected.

D)

The budget is recorded at the beginning of the year.
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Answer #1

The answer is D.
The Estimated Revenues account of a government is debited when the budget is recorded at the beginning of the year.

The journal entry would be - Estimated Revenue   Dr.
To Budgetary Control

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