Cities of Smithville problem, 18th Edition. Chapter 4, 4-a-4

[Para. 4-a-4] Of the $387,201 in delinquent property taxes collected in transaction 4-a-3 $76,994 had been recorded in the Deferred Inflows of Resources account. Additionally, $7,840 of the interest and penalties collected in 4-a-3 had also been recorded as deferred inflows of resources. Required: In the General Fund recognize the property tax revenues and the interest and penalties revenues related to the deferred inflows of resources. To do this debit the Deferred Inflows of Resources account and credit related property tax revenues and interest and penalties revenues. Select "Previous Deferral" in the [Description] menu in the Detail Journal. Under accrual accounting the deferral was not recognized n tne governmental activ es our a there one there no nee to eco ournal entry in the governmental activities journal