Of the $387,201 in delinquent property taxes collected in transaction 4-a-3, $88,115 had been recorded in the Deferred Inflows of Resources account. Additionally, $7,766 of the interest and penalties collected in 4-a-3 had also been recorded as deferred inflows of resources.

Required: In the General Fund recognize the property tax revenues and the interest and penalties revenues related to the deferred inflows of resources. To do this debit the Deferred Inflows of Resources account and credit related property tax revenues and interest and penalties revenues. Select Previous Deferral in the [Description] menu in the Detail Journal. Under accrual accounting the deferral was not recognized in the governmental activities journal; therefore, there is no need to record a journal entry in the governmental activities journal.