The Yarrow City Council has formally integrated the budget into its accounting records. At year$-$end the ledger account "Estimated Revenues" has a debit balance. Which of the following is the best explanation for the debit balance?

Group of answer choices

The entity overestimated property tax revenue it expected to be recognized.

The entity underestimated property tax revenue when preparing its budget.

The entity collected more in property taxes than it anticipated.

There is no logical explanation; revenue accounts usually do not have debit balances.