Question
General Operating Fund Cash on Deposit Taxes on Roll Receivable Due to Utility Operating Fund Accounts Receivable Business License Revenue Trailer Park License Revenue Miscellaneous
General Operating Fund
Cash on Deposit
Taxes on Roll Receivable
Due to Utility Operating Fund
Accounts Receivable
Business License Revenue
Trailer Park License Revenue
Miscellaneous Revenue
Utility Operating Fund
Due from General Operating Fund
Accounts Receivable
Penalties Revenue
Hydrant Rental Revenue
The various property tax transactions were totalled for the year as follows:
| Taxes | Grants in-lieu | |
|
| of Taxes | |
| a) Taxes Levied | 1,600,000 | 47,500 |
| b) Discount (charged to expense) | 201 | |
| c) Adjustment to reduce taxes revenue & receivable | 625 | |
| d) Penalties | 12,050 | |
| e) Tax Account moved to Tax Sale Property Account | 3,074 | |
|
f) Taxes Added later in the Year (Added taxes revenue account) | 10,542 |
Prepare the necessary journal entries to make in the general ledger (either the accounting system would generate or would be done manually) with the above transactions. Identify the fund in use from above.
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Entrepreneurship
Authors: Andrew Zacharakis, William D Bygrave
5th Edition
1119563097, 9781119563099
