Question
In the current year, the Village of Cheshire collected delinquent taxes in the amount of $530,000, on which interest and penalties of $25,000 had been
In the current year, the Village of Cheshire collected delinquent taxes in the amount of $530,000, on which interest and penalties of $25,000 had been accrued at the end of 2016; further $4,000 additional interest was collected for the period from the first day of 2017 to the dates on which the delinquent taxes were collected. What is the journal entry to record the above?
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Interest and Penalties Receivable 4000 Revenue Control 4000 Cash 559000 Taxes receivable 530000 I...
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Canadian Income Taxation Planning And Decision Making
Authors: Joan Kitunen, William Buckwold
17th Edition 2014-2015 Version
1259094332, 978-1259094330
