Question
On July 1, 2017, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $3,700,000. The county estimated that 4 percent
On July 1, 2017, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $3,700,000. The county estimated that 4 percent of the taxes levied would be uncollectible. As of April 30, 2018, the due date for all property taxes, the county had collected $3,425,000 in taxes. The county imposed penalties and interest in the amount of $14,000, but only expects to collect $12,550 of that amount. At the end of the fiscal year (June 30, 2018) the county had collected $50,500 in delinquent taxes and $4,300 in interest and penalties on the delinquent taxes. |
Required | |
a-1. | Prepare journal entries to record the tax levy on July 1, 2017 in the General Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) |
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