On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,000,000. The county estimated that 2 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $3,710,000 in taxes. During the current fiscal year, the county collected $52,000 in delinquent taxes and $4,600 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in the amount of $14,300 but only expects to collect $12,700 of that amount. At the end of the fiscal year (June 30, 2021), uncollected taxes, interest, and penalties are reclassified. They are not expected to be collected within the first 60 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.

I NEED HELP WITH ENTRIES 4- 7 AND CORRESPONDING INFORMATION INTO THE REVENUES LEDGER!!

1. Record the tax levy on July 1, 2020 in the General Fund.

2. Record the collection of current taxes as of April 30

3. Record the collection of delinquent taxes, interest and penalties

4. Record the reversal of deferred inflows

5. Record the entry to reclassify the uncollected tax amounts as delinquent

6. Record the entry to reclassify the net receivable as deferred inflow of resources

7. Record interest and penalties if they are not expected to be collected soon after year end