The actual Revenues account of a government is debited when: The budget is recorded at the beginning of the year. Property taxes are recorded. The account is closed out at the end of the year. Property taxes are collected.

Government revenue, often known as national revenue, is the sum of money that a government receives…

Answered: The actual Revenues account of a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A company established a petty cash fund in April of the current year and experienced the following transactions affecting the fund during April. Prepare journal entries to establish the fund on April 1, to replenish it on April 25, and to record the increase in the fund on April 25. April 1 Prepared a company check for $300.00 to establish the petty cash fund. April 25 Prepared a company check to replenish the fund for the following expenditures made since April 1. Paid $84.50 for cleaning services. Paid $84.00 for postage expense. Paid $103.15 for office supplies. Counted $23.35 remaining in the petty cash box. April 25 The company decides to increase the fund by $100.

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		The budget is recorded at the beginning of the year.
		Property taxes are recorded.
		The account is closed out at the end of the year.
		Property taxes are collected.