The general fund of the City of Atlanta received a check for $10,000 from an Atlanta resident on July 1, 20X8. Of the amount received, $4,800 represented full payment of property taxes for 20X8, and the remaining $5,200 represented an advance payment for property taxes of 20X9. On July 1, 20X8, the general fund should record the receipt by debiting Cash for $10,000 and by crediting
A. Property Taxes Receivable-Current for $4,800 and Revenue-Property Tax for $5,200.
B. Revenue-Property Tax for $10,000.
C. Revenue-Property Tax for $4,800 and Deferred Revenue for $5,200.
D. Property Taxes Receivable-Current for $4,800 and Deferred Revenue for $5,200.
Answer: D
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