_____ the Board of Commissioners of Vane City Adopted Its

Multiple Choice

_____ The Board of Commissioners of Vane City adopted its budget for the year ending 7/31/06, comprising estimated revenues of $30,000,000 and appropriations of $29,000,000. What entry should be made for the budgeted excess of revenues over appropriations?

A) Memorandum entry only.
B) Credit Budgetary Fund Balance, $1,000,000.
C) Debit Estimated Excess Revenues, $1,000,000.
D) Debit Excess Revenues Receivable, $1,000,000.