Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes:Complete this question by entering your answers in the

During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes:Complete this question by entering your answers in the tabs below.
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
Levied property taxes of $6,690,000, of which 2 percent is estimated to be uncollectible.
Collected $60,000 in delinquent taxes and $4,800 in interest and penalites on the delinquent taxes. These amounts had been recorded as
Deferred Inflows of Resources in the prior year.
Imposed penalities and interest in the amount of $6,600 but only expects to collect $6,200 of that amount.
Reciassified 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.
Levied property taxes of $6,690,000, of which 2 percent is estimated to be uncollectible.
Collected current property taxes amounting to $6,055,000.
Collected $60,000 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.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Glencoe Accounting Concepts Procedures Applicatons

Authors: McGraw-Hill Education

3rd Edition

0028036174, 978-0028036175

More Books

Students also viewed these Accounting questions