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Exercise 4-19 (Static) Accounting for Property Taxes [LO 4-1] On July 1, 2023, the beginning of is fiscal year, Ridgedale County recorded gross property tax
Exercise 4-19 (Static) Accounting for Property Taxes [LO 4-1] On July 1, 2023, the beginning of is fiscal year, Ridgedale County recorded gross property tax levies of \$4,200,000. The county estrmated that 2 percent of the saxes levied would be uncoliectible. As of April 30,2024, the due date for all propenty taxes, the county had colected $3,900,000 in taxes. During the current fiscal year, the cournty collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent toxes. The county imposed penaltes and interest in the amoumt of $14,500 but only expects to collect \$12,800 of that amount, At the end of the fiscal year (June 30, 2024), uncollected taxes, intereat, and penalties are reclassified. They are not expected to be collected within the first 50 doys for the following fiscal year. Required Record entries for the above tronsactions as stated in the individual statements below, and post corresponding information inso the Revenues ledger as appropriate. a. Prepare journal entries to record the tax levy on July 1,2023 , in the General Fund. flgnore all entries in the governmentol activities journalj) b. Prepare a summary journal entry to record the collection of current taxes as of Apris 30 c. Prepare a summary journal entry to record the collection of delinquent taxes, interest, and penaltes. (You may assurte that these amounts had been designated os Deferred inflows of Resources.] d. Prepare the journal entry necessary to reclassify the uncollected tax amounts as delinquent. Assume these saxes are not expected to be collected whin 60 doys of year-end Prepare the journai entry oecessary to record interest and penalties if they are not expected to be collected scon after year-end. Record the following journal entries in the General Fund. (If no entry is required for a transaction/event, select "No Required" in the first account field.) Journal entry worksheet \begin{tabular}{l|l|l|l} 3 & 5 & 6 & 7 \end{tabular} Record the tax levy on July 1, 2020 in the General Fund. Note: Enter debits before credits. Record the following journal entries in the General Fund. (If no entry is required for a transaction/event, Required" in the first account field.) Journal entry worksheet Record the reversal of deferred inflows. Notel Enter debits before credits. Prepare the journal entry necessary to record interest and penalties if they are not expect Complete this question by entering your answers in the tabs below. Record the following joumal entries in the General fund. (If no entry is required for a transaction Required" in the first account field.) Journal entry worksheet 7 Record the collection of delinquent taxes, interest, and penalties. Note: Enter debits before credits. Record the following joumal entries in the General Fund. (If no entry is required for a transaction/ev Required" in the first account field.) Journal entry worksheet Record the entry to reclassify the net receivable as deferred inflow of resources. Note: Enter debits before credits. On July 1, 2023, the beginning of its fiscal year, Ridgedale County tecorded gross property tax levies of $4,200,000. The county estimated that 2 percent of the toxes levied would be uncollectible. As of Apri: 30, 2024, the due date for all property taxes, the county had collected $3,900,000 in toxes. During the current fiscal year, the county collected $53,000 in delinquent taxes and $4,800 in interest and penaltes on the delinquent taxes. The county imposed penaltes and interest in the omount of $14,500 but only expects to collect $12,800 of thot amount. At the end of the fiscal year (June 30,2024 ). uncollected toxes, interest, and penalties are reclassified. They are not expected to be collected within the first 60 days for the following fiscal year. Required Record entries for the above transactions as stated in the individual statements below, and post corresponding informotion into the Revenues ledger as appropriate. a. Prepare journal entries to record the tax levy on July 1,2023, in the General Fund. (lgnore all entries in the governmental activities (ournal) b. Prepare a summary joumal entry to record the collection of current taxes as of April 30. c. Prepare a summary journal entry to record the collection of delinquent taxes, interest, and penalties. (You may assume that these amounts had been designated as Deferred inflows of Resources) d. Prepare the joumal entry necessary to reclossify the uncollected tox amounts as delinquent. Assume these toxes afe not expected to be collected within 60 days of year-end. e Prepare the journal entry necessary to record interest and penalties if they are not expected to be collected soon after year-end Complete this question by entering your answers in the tabs below. Show subsidiary detail for the Rovenues ledger. Record the following journal entries in the General Fund. (If no entry is required for a transaction/ev Required" in the first account field.) Journal entry worksheet Record the entry to reclassify the Jincollected tax amounts and allowances as delinquent. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Record the following joumal entries in the General Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 567 Record the collection of current taxes as of April 30. Wote Inter debets before sredits. Record the following joumal entries in the General Fund. (If no entry is required for a transaction/event Required" in the first account field.) Journal entry worksheet Record interest and penalties if they are not expected to be collected soon after year-end. Note: Enter debits before credits
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