Use the information below to answer questions 11 and 12. (True or False)

The General Fund of Elm City received a property tax distribution of $294,000 from the county treasurers property tax custodial fund on June 15, 2021. The remittance was net of the county treasurers 2% collection fee.

1. In the journal entry made in the general fund of Elm City to record the property tax distribution, revenues-property taxes should be credited for $300,000.

2. In the journal entry made in the general fund of Elm City to record the property tax distribution, expenditures-general government should be debited for $6,000.