E 20-7 General fund journal entries (property taxes) The following events and transactions relate to the levy

Question:

E 20-7 General fund journal entries (property taxes)

The following events and transactions relate to the levy and collection of property taxes for Jedville Township:

March 21, 2016—Property tax bills for $2,500,000 are sent to property owners. An estimated 2 percent of the property tax levies are uncollectible. The taxes are due on May 1.

May 4, 2016—$1,900,000 in taxes have been collected. The remaining receivables are reclassified as delinquent.

May 5 to December 31, 2016—An additional $150,000 of taxes are collected.

November 1, 2016—A $5,000 tax receivable account is determined to be uncollectible and is written off.

January 1, 2017, to February 28, 2017—An additional $87,750 of 2016 taxes are collected.

REQuIRED 1. Prepare summary journal entries for the events and transactions described for the Jedville general fund.

2. How will property taxes be presented in the December 31, 2016, balance sheet?

3. What amount of property tax revenues should be reported for 2016?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 100% (QA)

Answered By

Aysha Ali

my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field. matriculation in science topics; inter in computer science; bachelors in business and information technology _embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_

4.40+ 11+ Reviews 14+ Question Solved

Related Book For book-img-for-question