The city amended its budget to increase expected grant revenues by $500,000 and increase expected culture and recreation expenditures by $500,000. Which of the following statements concerning the budget amendment journal entry is correct?
A. There will be no adjustment to Budgetary Fund Balance.
B. Expenditures will be debited for $500,000.
C. Estimated Revenues will be credited for $500,000.
D. Appropriations will be debited for $500,000.
Answer: C
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