need help wifh figuring out journal entry 5b and property tax revenue for general fund level cor part c.
During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: 1. Levied property taxes of $6,600,000, of which 2 percent is estimated to be uncollectible. 2. Collected current property taxes amounting to $5,975,000. 3. Collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. 4. Imposed penalties and interest in the amount of $7,500 but only expects to collect $6,200 of that amount. 5. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year. Required a Prepare journal entries to record the property tax transactions in the General Fund. b. Prepare journal entries to record the property tax transactions in the governmental activities journal c. Determine the amount of property tax revenue recognized during the current year in the General Fund and at the government-wide level. 5. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year General Fund 5a Record the reclassification of uncollected taxes. Taxes Receivable-Delinquent Allowance for Uncollectible Current Taxes Taxes Receivable Current Allowance for Uncollectible Delinquent Taxes 625,000 132,000 625,000 132,000 5b Record the entry to reclassify the net receivable, interest and penalties. as deferred inflow of resources. Revenues Deferred Inflows of Resources-Unavailable Revenues Required A Required B Required C Determine the amount of property tax revenue recognized during the current year in the General Fund and at the government-wide level. Tax Revenue General Fund Level $ 6,468,000 Government-wide Level 6,468,000