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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 transactionevent select No
Journal Entry Required" in the first account field.
Transaction
Levied property taxes of $ of which percent is estimated to be uncollectible.
Collected $ in delinquent taxes and $ 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 $ but only expects to collect $ of that amount.
Reciassified 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.
Levied property taxes of $ of which percent is estimated to be uncollectible.
Collected current property taxes amounting to $
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.
Imposed penalties and interest in the amount of $ but only expects to collect $ of that amount.
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.
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 governmentwide level.
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