The Journal Entry to Record the Prior Year's Deferred Inflows

question 120

Multiple Choice

The journal entry to record the prior year's deferred Inflows: property taxes those expected to be collected more than 60 days beyond year-end as revenue in the current year would include:

• A) A debit to Revenues Control
• B) A debit to Deferred Inflows: Property Taxes
• C) A credit to Revenues Control
• D) B and C would both be included in the journal entry

---

Definitions:

Iceland

An island country located in the North Atlantic Ocean, known for its stunning landscapes and geothermal activity.

Air-Conditioned

Describes a space, room, or vehicle in which the temperature has been artificially cooled.

Universal Instantiation

A logical rule stating that if a property is true for all members of a domain, it is true for any specific member of that domain.

Universal Generalization

A logical inference rule stating that if something is true for all cases, then it is true in general.