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A public school district formally adopted a budget with estimated revenues of $500 and approved expenditures of $490. Which of the following is the appropriate entry to record the budget?

a) Debit Estimated Revenues $500; Credit Appropriations $490; Credit Fund Balance $10.

b) Debit Appropriations $490; Debit Fund Balance $10; Credit Estimated Revenues $500.

c) Debit Encumbrances $490; Debit Fund Balance $10; Credit Estimated Revenues $500.

d) Memorandum entry only.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9430453

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