Question
Hello, this is a question regarding the 2017 bingham project I need help understanding which transactions are posted in the general fund and the government
Hello, this is a question regarding the 2017 bingham project
I need help understanding which transactions are posted in the general fund and the government wide fund
[Para. 4-a-6] The General Fund collected the following amounts in cash:
Current year Real Property Taxes $6,364,000
Delinquent Taxes 468,000
Interest and Penalties Receivable on Taxes 23,860
Sales Taxes 748,000
Licenses and Permits 478,000
Fines and Forfeits 525,000
Intergovernmental Revenues 510,000
Charges for Services 361,000
Miscellaneous Revenues 226,500
Total $9,704,360
Required: Record the receipt of cash and the related credits to receivables and revenues accounts, as applicable, in both the General Fund and governmental activities journals. (Select Received in Cash in the drop down [Transaction Description] menu in the Detail Journal related to the General Fund revenue entries.) For governmental activities at the government-wide level, all Licenses and Permits and Charges for Services were attributable to the General Government function as Program Revenue. Fines and forfeits were collected by General Government departments in the amount of $200,000 and by Public Safety departments in the amount of $325,000. Intergovernmental Revenues should be credited to Program RevenuesGeneral GovernmentOperating Grants and Contributions.
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