I need help in these two entries. I have the solution for these two but i am stuck becasue the orignial statement of my question is little change so i need to do entries like this. Please help me
These are mine:
These are related with the solution:
ONLY DEBT FUND ENTRY WILL CHANGE FOR 6-B-6
FOR 6-B-12
In my entry --- one statement is extra about proprty taxes so i do not know how to implement, also my question has more information about how to put entries.
December 31, 2019, the end of the preceding fiscal year. . [Para. 6b-6] Current taxes receivable were collected in the amount of $675,000. Also, delinquent taxes receivable were collected in the amount of $10,000, along with Interest and Penalties Receivable on Taxes of $600. Required: Record these transactions in both the debt service fund and governmental activities journals. (Remember to recognize revenue in the debt service fund for the delinquent taxes and interest and penalties collected by reducing the deferred inflows of resources.) [Para. 6b-7] Interest on temporary investments was received in cash in the amount of $7,500. governmental activities journals. 12. [Para. 6b-12] The uncollected balance of current taxes receivable and the related estimated uncollectible account wicacclassified as definyucut. Property taa revenues and deferred inflows of resources were adjusted for unavailable revenues. Interest and penalties of $1,200 were accrued, of which $120 was estimated to be uncollectible. Required: Record this transaction in both the debt service fund and governmental activities journals. In the debt service fund net receivables and interest and penalties should be also be recorded as deferred inflows of resources, rather than revenues. 13. [Para. 6b-13] At December 31, 2020, accrued interest expense on the two outstanding bond issues was recorded in the governmental activities general 6. [Para. 6-6-6] Current taxes receivable were collected in the amount of $675,000. Also, delinquent taxes receivable were collected in the amount of $10,000, along with Interest and Penalties Receivable on Taxes of $600. Required: Record these transactions in both the debt service fund and governmental activities journals. Debt Service Fund 1010 - Cash 6-b-6 685,600 6-b-6 1020 - Taxes Receivable-Current 1030 - Taxes Receivable-Delinquent 675,000 10,000 6-6-6 1040 - Interest and Penalities Recievable on Taxes 6-b-6 600 Governmental Activities 1010 - Cash 6-b-6 685,600 1020 - Taxes Receivable-Current 6-b-6 1030 - Taxes Receivable-Delinquent 6-b-6 675,000 10,000 600 1040 - Interest and Penalties Receivable on Taxes 6-b-6 12. [Para. 6-b-12] The uncollected balance of current taxes receivable and the related estimated uncollectible account were reclassified as delinquent. Interest and penalties of $1,200 were accrued, of which $120 was estimated to be uncollectible. Required: Record this transaction in both the debt service fund and governmental activities journals. Debt Service Fund 1030 - Taxes Receivable - Delinquent 1021 - Allowance for Uncollectible Current Taxes 6-b-12 30,000 5,000 6-b-12 1020 - Taxes Receivable-Current 6-b-12 30,000 5,000 1031 - Allowance for Uncollectible Delinquent Taxes 6-b-12 1040 - Interest and Penalities Recievable on Taxes 6-b-12 1,200 1041 - Allowance for Uncollectible Interest and Penalties 6-6-12 120 4115 - Revenue-Interest and Penalties on Taxes 6-b-12 1,080 Governmental Activities 6-b-12 1030 - Taxes Receivable-Delinquent 1021 - Allowance for Un collectible Current Taxes 30,000 5,000 6-b-12 1020 - Taxes Receivable-Current 6-b-12 30,000 5,000 6-b-12 6-b-12 1,200 1031 - Allowance for Un collectible Delinquent Taxes 1040 - Interest and Penalties Receivable on Taxes 1041 - Allowance for Uncollectible Interest and Penalties 4690 - General Revenues-Interest and Penalties on Taxes 6-b-12 120 6-b-12 1,080 Activate Wind Go to Settings to a
