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On July 1 , 2 0 2 3 , the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $ 3
On July the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $ The county estimated that percent of the taxes levied would be uncollectible. As of April the due date for all property taxes, the county had collected $ in taxes. During the current fiscal year, the county collected $ in delinquent taxes and $ in interest and penalties on the delinquent taxes. The county imposed penalties and interest in the amount of $ but only expects to collect $ of that amount. At the end of the fiscal year June uncollected taxes, interest, and penalties are reclassified. They are not expected to be collected within the first 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.
Prepare journal entries to record the tax levy on July in the General Fund. Ignore all entries in the governmental activities journal.
Prepare a summary journal entry to record the collection of current taxes as of April
Prepare a summary journal entry to record the collection of delinquent taxes, interest, and penalties. You may assume that these amounts had been designated as Deferred Inflows of Resources.
Prepare the journal entry necessary to reclassify the uncollected tax amounts as delinquent. Assume these taxes are not expected to be collected within days of yearend.
Prepare the journal entry necessary to record interest and penalties if they are not expected to be collected soon after yearend.
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