Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need assistance with Journal Entries A-E & Subsidiary Ledger A-E On July 1, 2023, the beginning of its fiscal year, Ridgedale County recorded gross

I need assistance with Journal Entries A-E & Subsidiary Ledger A-E
image text in transcribed
image text in transcribed
On July 1, 2023, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,600,000. The county estimated that 2 percent of the taxes levied would be uncollectible. As of April 30, 2024, the due date for all property taxes, the county had collected $4,280,000 in taxes. During the current fiscal year, the county collected $55,000 in delinquent taxes and $5,200 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in the amount of $14,900 but only expects to collect $13,000 of that amount. At the end of the fiscal year (June 30, 2024), 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, 2023, 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 as 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, Complete this question by entering your answers in the tabs below. Req A to E Reg A to E Journal Entries Subsidiary Ledger Show subsidiary detall for the Revenues ledger. RIDGEDALE COUNTY Revenues Ledger Est. Revenues Dr(Cr) Revenues Cr(Dr) Balance Dr(Cr) Account/Description Taxes Property Tax Interest and Penalties Delinquent Taxes Property Tax Interest and Penalties Deferred Inflows of Resources Property Tax Interest and Penalties

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Factory Accounts

Authors: John Whitmore

1st Edition

0367494825, 9780367494827

More Books

Students also viewed these Accounting questions