I would specifically like help on how to complete the revenues ledger in the image above. I have completed all other part and confused how to complete this on aspect.
Req A to E Req A to E Subsidiary Journal Entries Ledger Record the following journal entries in the General Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Event General Journal Debit Credit 1 a 4,200,000 Taxes ReceivableCurrent Revenues Allowance for Uncollectible Current Taxes 4,116,000 84,000 2 b Cash 3,900,000 Taxes Receivable-Current 3,900,000 3 c(1) Cash 57,800 Interest and Penalties Receivable on Taxes Taxes Receivable-Delinquent 4,800 53,000 4 c(2) 57,800 Deferred Inflows of ResourcesUnavailable Revenues Revenues 57,800 5 d(1) 300,000 84,000 Taxes Receivable-Delinquent Allowance for Uncollectible Current Taxes Taxes Receivable-Current Allowance for Uncollectible Delinquent Taxes 300.000 84,000 6 d(2) 216,000 Revenues Deferred Inflows of ResourcesUnavailable Revenues 216,000 7 Interest and Penalties Receivable on Taxes 14,500 Allowance for Uncollectible Interest and Penalties 1,700 Deferred Inflows of ResourcesUnavailable Revenues 12,800 On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. 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 $3,900,000 in taxes. During the current fiscal year, the county collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in the amount of $14,500 but only expects to collect $12,800 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. Complete this question by entering your answers in the tabs below. Req A to E Journal Entries Reg A to E Subsidiary Ledger Show subsidiary detail 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 4,116,000 (4,116,000) Delinquent Taxes Property Tax Interest and Penalties 53,000 (53,000) (57.800) 4,800 Deferred Inflows of Resources Property Tax Interest and Penalties 216,000 Req A to E Req A to E Subsidiary Journal Entries Ledger Record the following journal entries in the General Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Event General Journal Debit Credit 1 a 4,200,000 Taxes ReceivableCurrent Revenues Allowance for Uncollectible Current Taxes 4,116,000 84,000 2 b Cash 3,900,000 Taxes Receivable-Current 3,900,000 3 c(1) Cash 57,800 Interest and Penalties Receivable on Taxes Taxes Receivable-Delinquent 4,800 53,000 4 c(2) 57,800 Deferred Inflows of ResourcesUnavailable Revenues Revenues 57,800 5 d(1) 300,000 84,000 Taxes Receivable-Delinquent Allowance for Uncollectible Current Taxes Taxes Receivable-Current Allowance for Uncollectible Delinquent Taxes 300.000 84,000 6 d(2) 216,000 Revenues Deferred Inflows of ResourcesUnavailable Revenues 216,000 7 Interest and Penalties Receivable on Taxes 14,500 Allowance for Uncollectible Interest and Penalties 1,700 Deferred Inflows of ResourcesUnavailable Revenues 12,800 On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. 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 $3,900,000 in taxes. During the current fiscal year, the county collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in the amount of $14,500 but only expects to collect $12,800 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. Complete this question by entering your answers in the tabs below. Req A to E Journal Entries Reg A to E Subsidiary Ledger Show subsidiary detail 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 4,116,000 (4,116,000) Delinquent Taxes Property Tax Interest and Penalties 53,000 (53,000) (57.800) 4,800 Deferred Inflows of Resources Property Tax Interest and Penalties 216,000
