A county general fund budget includes budgeted revenues of $900 and budgeted expenditures of $890. Actual revenues for the year were $915. To close the estimated revenues account at the end of the year
A) Debit Estimated revenues $15
B) Credit Estimated revenue $15
C) Debit Estimated revenues $900
D) Credit Estimated revenues $900

Question

Quizplus · Accepted Answer

To close the estimated revenues account at the end of the year, you would credit the estimated revenues account for the amount that was initially budgeted, which is $900. This action zeroes out the account for the year.

A County General Fund Budget Includes Budgeted Revenues of $900