Note: This Is a Kaplan CPA Review Question

Multiple Choice

Note: This is a Kaplan CPA Review Question
The Board of Commissioners of Vane City adopted its budget for the year ending July 31, comprising estimated revenues of $30,000,000 and appropriations of $29,000,000. Vane formally integrates its budget into the accounting records. What entry should be made for budgeted revenues?

A) Memorandum entry only.
B) Debit ESTIMATED REVENUES CONTROL, $30,000,000.
C) Debit ESTIMATED REVENUES RECEIVABLE CONTROL, $30,000,000.
D) Credit ESTIMATED REVENUES CONTROL, $30,000,000.