Final answer:
No, a gas tax that is restricted for use on street construction and maintenance projects should not be recorded as general revenues in the governmental activities journal.
Step-by-step explanation:
No, a gas tax that is restricted for use on street construction and maintenance projects should not be recorded as general revenues in the governmental activities journal. Gas taxes are typically earmarked for specific purposes such as infrastructure projects, including road construction and maintenance.
Recording the gas tax as general revenue would imply that the funds can be used for any purpose within the government, which is not the case. To ensure transparency and accountability, separate accounts or funds are often created to track the revenues and expenditures related to specific taxes.
For example, a special revenue fund or a capital projects fund may be established to record and track the gas tax revenues and expenditures specifically for street construction and maintenance projects.