During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes Levied property taxes of $6,670,000, of which 2 percent is estimated to be uncollectible Collected current property taxes amounting to $6,035,000 Collected $58,000 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 Imposed penalties and interest in the amount of $6,600 but only expects to collect $6,200 of that amount 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 Required Prepare journal entries to record the property tax transactions in the General Fund Prepare journal entries to record the property tax transactions in the governmental activities journal Determine the amount of property tax revenue recognized during the current year in the General Fund and at the government wide level Complete this question by entering your answers in the tabs below Required A Required B Required C Prepare journal entries to record the property tax transactions in the General Fund (If no entry is required for a transaction event, select No Journal Entry Required in the first account field ) Transaction Fund General Journal Debit Credit 1 Levied property taxes of $6,670,000, of which 2 percent is estimated to be uncollectible 1 General Fund Allowance for Uncollectible Current Taxes 2 Collected current property taxes amounting to $6,035,000 2 General Fund 3 Collected $58,000 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 $58,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes 3b Record the reversal of deferred inflows of resources 4 Imposed penalties and interest in the amount of $6,600 but only expects to collect $6,200 of that amount 4 General Fund 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 5b Record the entry to reclassify the net receivable, interest and penalties as deferred inflow of resources Prepare journal entries to record the property tax transactions in the governmental activities journal (If no entry is required for a transaction event, select No Journal Entry Required in the first account field ) Transaction Fund Governmental Activties General Journal Debit Credit 1 Levied property taxes of $6,670,000, of which 2 percent is estimated to be uncollectible 1 Governmental Activities 2 Collected current property taxes amounting to $6,035,000 2 Governmental Activities 3 Collected $58,000 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 3 Governmental Activities 4 Imposed penalties and interest in the amount of $6,600 but only expects to collect $6,200 of that amount 4 Governmental Activities 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 5 Governmental Activities Determine the amount of property tax revenue recognized during the current year in the General Fund and at the government wide level Property Tax Revenue General Fund Level Government wide Level

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During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: Levied property taxes of $6,670,000, of which 2

During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes:

Levied property taxes of $6,670,000, of which 2 percent is estimated to be uncollectible.
Collected current property taxes amounting to $6,035,000.
Collected $58,000 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.
Imposed penalties and interest in the amount of $6,600 but only expects to collect $6,200 of that amount.
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.

Required

Prepare journal entries to record the property tax transactions in the General Fund.
Prepare journal entries to record the property tax transactions in the governmental activities journal.
Determine the amount of property tax revenue recognized during the current year in the General Fund and at the government-wide level.

Complete this question by entering your answers in the tabs below.

Required A
Required B
Required C

Prepare journal entries to record the property tax transactions in the General Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Transaction	Fund	General Journal	Debit	Credit
1. Levied property taxes of $6,670,000, of which 2 percent is estimated to be uncollectible.
1	General Fund
		Allowance for Uncollectible Current Taxes


2. Collected current property taxes amounting to $6,035,000.
2	General Fund


3. Collected $58,000 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 $58,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes.




3b		Record the reversal of deferred inflows of resources.



4. Imposed penalties and interest in the amount of $6,600 but only expects to collect $6,200 of that amount.
4	General Fund



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.





5b		Record the entry to reclassify the net receivable, interest and penalties as deferred inflow of resources.

Prepare journal entries to record the property tax transactions in the governmental activities journal. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Transaction	Fund / Governmental Activties	General Journal	Debit	Credit
1. Levied property taxes of $6,670,000, of which 2 percent is estimated to be uncollectible.
1	Governmental Activities



2. Collected current property taxes amounting to $6,035,000.
2	Governmental Activities


3. Collected $58,000 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.
3	Governmental Activities



4. Imposed penalties and interest in the amount of $6,600 but only expects to collect $6,200 of that amount.
4	Governmental Activities



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.
5	Governmental Activities

Determine the amount of property tax revenue recognized during the current year in the General Fund and at the government-wide level.

Property Tax Revenue

General Fund Level

Government-wide Level