The Board of Commissioners of Vane City Adopted Its Budget

Multiple Choice

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.