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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
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.
- Determine the amount of property tax revenue recognized during the current year in the General Fund
I NEED HELP WITH PORTION B!!
Required A:
. Levied property taxes of $6,550,000, of which 2 percent is estimated to be uncollectible. | ||||
1 | General Fund | Taxes ReceivableCurrentselected answer correct | 6,550,000selected answer correct | not attempted |
Allowance for Uncollectible Current Taxesselected answer correct | not attempted | 131,000selected answer correct | ||
Revenuesselected answer correct | not attempted | 6,419,000selected answer correct | ||
2. Collected current property taxes amounting to $5,969,000. | ||||
2 | General Fund | Cashselected answer correct | 5,969,000selected answer correct | not attempted |
Taxes ReceivableCurrentselected answer correct | not attempted | 5,969,000selected answer correct | ||
3. Collected $52,500 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. | ||||
3a | General Fund | Record the collection of $52,500 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. | ||
Cashselected answer correct | 57,300selected answer correct | not attempted | ||
Taxes ReceivableDelinquentselected answer correct | not attempted | 52,500selected answer correct | ||
Interest and Penalties Receivable on Taxesselected answer correct | not attempted | 4,800selected answer correct | ||
3b | Record the reversal of deferred inflows of resources. | |||
Deferred Inflows of ResourcesUnavailable Revenuesselected answer correct | 57,300selected answer correct | not attempted | ||
Revenuesselected answer correct | not attempted | 57,300selected answer correct | ||
4. Imposed penalties and interest in the amount of $7,000 but only expects to collect $6,200 of that amount. | ||||
4 | General Fund | Interest and Penalties Receivable on Taxesselected answer correct | 7,000selected answer correct | not attempted |
Allowance for Uncollectible Interest and Penaltiesselected answer correct | not attempted | 800selected answer correct | ||
Revenuesselected answer correct | not attempted | 6,200selected answer correct | ||
5. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year. | ||||
5a | General Fund | Record the reclassification of uncollected taxes. | ||
Taxes ReceivableDelinquentselected answer correct | 581,000selected answer correct | not attempted | ||
Allowance for Uncollectible Current Taxesselected answer correct | 131,000selected answer correct | not attempted | ||
Taxes ReceivableCurrentselected answer correct | not attempted | 581,000selected answer correct | ||
Allowance for Uncollectible Delinquent Taxesselected answer correct | not attempted | 131,000selected answer correct | ||
5b | Record the entry to reclassify the net receivable, interest and penalties as deferred inflow of resources. | |||
Revenuesselected answer correct | 456,200selected answer correct | not attempted | ||
Deferred Inflows of ResourcesUnavailable Revenuesselected answer correct | not attempted | 456,200 |
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