At the beginning of the year, the Cortlandt City Council adopts a budget calling for estimated revenues of $480,000 and appropriations of $470,000. When the City prepares its journal entry to record the budget: Group of answer choices The Budgetary fund balance account must be credited Revenues for the year will be less than expenditures The Budgetary fund balance account must be debited Expenditures for the year will be less than revenues
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