The general fund of the City of Atlanta received a check for $10,000 from an Atlanta resident on July 1,2008.Of the amount received,$4,800 represented full payment of property taxes for 2008,and the remaining $5,200 represented an advance payment for property taxes of 2009.On July 1,2008,the general fund should record the receipt by debiting Cash for $10,000 and by crediting

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The general fund should record the receipt by debiting Cash for $10,000 and by crediting Property Taxes Receivable-Current for $4,800 and Deferred Revenue for $5,200. The $4,800 payment for 2008 property taxes should be credited to Property Taxes Receivable-Current, while the $5,200 advance payment for 2009 property taxes should be credited to Deferred Revenue.

The General Fund of the City of Atlanta Received a Check