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4 - 2 0 . Differences in Accounting for Property Taxes between the General Fund and Governmental Activities. ( L 0 4 - 1 )
Differences in Accounting for Property Taxes between the General Fund and Governmental Activities. L During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes:
Required:
Prepare journal entries to record the property tax transactions in the General Fund. Ignore all entries in the subsidiary ledgers.
Prepare journal entries to record the property tax transactions in the governmental activities journal.
Prepare a schedule of the property tax revenue recognized during the current year in the General Fund and at the governmentwide level. Explain any differences.
a Levied property taxes of $ of which percent is estimated to be uncollectible.
b Collected current property taxes amounting to $
c Collected $ in delinquent taxes and $ in interest and penalties on the delinquent taxes These amounts had been recorded as Deferred Inflows of Resources in the prior year.
d Imposed penalties and interest in the amount of $ but only expects to collect $ of that amount.
e Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first days of the following fiscal year.
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