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 credit to Revenues Control.
b. A debit to Deferred Inflows: Property Taxes; and a credit to Revenues Control.
c A debit to Deferred Inflows: Property Taxes.
d. A debit to Revenues Control.

b. A debit to Deferred Inflows: Property Taxes; and a credit to Revenues Control.

Explanation:

In accrual accounting revenues and expenses are not recognised till they are earned or incurred.

Deferred revenue is the income for goods that have not been delivered yet. For example if a business made sales of books worth $500 but have not delivered the goods to the buyer, the income realised is credited to deferred income. When the books have been delivered the income can now be recognised and moved to revenue account.

So in the scenario given the property taxes have not been collected yet and Soni's recorded as Deferred inflow from the previous year. When the taxes are collected we debit Deferred Inflow- Property taxes and credit Revenue Control.

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi

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