In closing the budgetary accounts for the year: a. Revenues Control will be debited for $100,000....

Transcribed Image Text:

In closing the budgetary accounts for the year: a. Revenues Control will be debited for $100,000. At the end of the fiscal year, the difference between the estimated revenues and the actual revenues is addressed. In this case, the actual revenues of $4,900,000 were $100,000 less than the estimated revenues of $5,000,000. Therefore, Revenues Control will be debited for $100,000 to adjust for the lower than expected revenues. In closing the budgetary accounts for the year: a. Revenues Control will be debited for $100,000. At the end of the fiscal year, the difference between the estimated revenues and the actual revenues is addressed. In this case, the actual revenues of $4,900,000 were $100,000 less than the estimated revenues of $5,000,000. Therefore, Revenues Control will be debited for $100,000 to adjust for the lower than expected revenues.