The city of Watson reported $8,000 of deferred property tax revenues in its General Fund at the end of its 2018 fiscal year. The 2018 deferred property tax revenues were collected during the last 10 months of the 2019 fiscal year. What worksheet journal entry should be made to prepare the city of Watson's 2019 government-wide financial statements?
A) Revenues-Property taxes $8,000
Net position 8,000
B) Revenues - property tax 8,000
Deferred revenues-property taxes 8,000
C) Deferred revenues-property taxes 8,000
Revenues-property taxes 8,000
D) No entry is required
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