The Town of Sigway levied its property taxes of $1,400,000 for the year. Property taxes are expected to be collected in the amount of $1,200,000 during the current fiscal year with an additional $100,000 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 $1,200,000

b. Revenues-property taxes credited for $1,400,000

c. Property taxes receivable credit for $1,400,000

d. Property taxes receivable credited for $1,200,000