When rolan county adopted its budget for the year ending june 30, year 1, $20 million was recorded for estimated revenues control. actual revenues for the year ended june 30, year 1, amounted to $17 million. in closing the budgetary accounts at june 30, year 1, estimated revenues control should be debited for $3 million. revenues control should be debited for $3 million. revenues control should be credited for $20 million. estimated revenues control should be credited for $20 million.

Sye chase started and operated a small family architectural firm in 2016. the firm was affected by two events: (1) chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. there were $250 of supplies on hand as of december 31, 2016. record the two transactions in the accounts. record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. post the entries in the t-accounts and prepare a post-closing trial balance.