MC4-26. The Town of Aurora levied its property taxes of $2,400,000 for the year. Property taxes of $2,200,000 were collected during the current fiscal year with an additional $200,000 expected to be collected during the first 30 days of the next fiscal year. Which account should be credited when the cash is collected during the current fiscal year and what amount should be credited?

a. Revenues property taxes credited for $2,200,000

b. Revenues property taxes credited for $2,400,000

c. Property taxes receivable credited for $2,400,000

d. Property taxes receivable credited for $2,200,000