Question Completion Status: QUESTION 7 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 5720,000 (of which o 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 2015the 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 Jevy on the government wide financial statements? $720,000 5648.000 5630,000 $600,000 QUESTION 8 To close Reserve for encumbrances at the end of the year which of the following entries should be made? Debit Reserve for encumbrances: credit Fund balance. Debit Reserve for encumbrances; credit Encumbrances. Debit Fund balance credit Reserve for encumbrances. O No closing entry needed QUESTION 9 When equipment was purchased with general fund resources, which of the following accounts would have been increased in the general fund? Due from generalfoxed asset account group Expenditures Click Save and subme to save and submit. Click Save All Answers to save all answers 22 div A MacBook Air