A city that has a 12/31 fiscal year end has adopted a policy of recognizing the maximum amount of property tax revenue allowable under GAAP. Property taxes of $720,000 (of which 5 percent are estimated to be uncollectible) are levied in October 2013 to finance the activities of the fiscal year 2014. During 2014, cash collections related to property taxes levied in October 2013 were $600,000. In 2015 the following amounts related to the property taxes levied in October 2013 were collected: January $30,000; February, $6,000. For the fiscal year ended 12/31/14, what amount should be recognized as property tax revenues related to the 2013 levy on the governmental fund financial statements? $720,000. $684,000. $630,000. $636,000 Employees of the City of Orleans earn ten days paid leave for each 12 months of employment. The city has a policy that employees must take their vacation days during the year in which they are earned. If they do not take vacation in the allotted period, they forfeit the vacation pay benefit. Traditionally, employees have taken 80 percent of the vacation days earned. During the current year, city employees earned $600,000 in vacation pay. Assuming the city maintains its books and records in a manner to facilitate the preparation of fund financial statements, which of the following entries should be made in the general fund to record the vacation pay earned during the current period? Debit Expenditures $600,000; credit Vacation pay payable $600,000. Debit Expenses $600,000; credit Vacation pay payable $600,000. Debit Expenditures $480,000; credit Vacation pay payable $480,000. No entry required