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Help with the subsidiary ledger please? On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,400,000.
Help with the subsidiary ledger please?
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,400,000. The county estimated that 2 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $4,090,000 in taxes. During the current fiscal year, the county collected $54,000 in delinquent taxes and $5,000 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in the amount of $14,700 but only expects to collect $12,900 of that amount. At the end of the fiscal year (June 30, 2021), uncollected taxes, 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 information into the Revenues ledger as appropriate. a. Prepare journal entries to record the tax levy on July 1, 2020, in the General Fund. (Ignore all entries in the governmental activities journal.) b. Prepare a summary journal 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 Deferred Inflows of Resources.) d. Prepare the journal entry necessary to reclassify the uncollected tax amounts as delinquent. Assume these taxes are 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. No Event General Journal Debit Credit 1 a 4,400,000 Taxes Receivable Current Allowance for Uncollectible Current Taxes 88,000 Revenues 4,312,000 2 b Cash 4,090,000 Taxes Receivable-Current 4,090,000 3 c(1) Cash 59,000 Taxes ReceivableDelinquent 54,000 5,000 Interest and Penalties Receivable on Taxes 4 c(2) 59,000 Deferred Inflows of ResourcesUnavailable Revenues Revenues 59,000 5 d(1) Taxes Receivable-D inquent 310,000 88,000 Allowance for Uncollectible Current Taxes Taxes Receivable-Current 310,000 88,000 Allowance for Uncollectible Delinquent Taxes 6 d(2) Revenues 222,000 Deferred Inflows of Resources-Unavailable Revenues 222,000 7 e Interest and Penalties Receivable on Taxes 14,700 Allowance for Uncollectible Interest and Penalties 1,800 Deferred Inflows of Resources-Unavailable Revenues 12,900 Req A to E Journal Entries Req A to E Subsidiary Ledger Show subsidiary detail for the Revenues ledger. RIDGEDALE COUNTY Revenues Ledger Account / Description Est. Revenues Dr(Cr) Revenues Cr(Dr) Balance Dr(Cr) Taxes Property Tax Interest and Penalties Delinquent Taxes Property Tax Interest and Penalties Deferred Inflows of Resources Property Tax Interest and PenaltiesStep by Step Solution
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