On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $3,200,000 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 $2,950,000 in taxes During the current fiscal year, the county collected $48,000 in delinquent taxes and $3,800 in interest and penalties on the delinquent taxes The county imposed penalties and interest in the amount of $13,500 but only expects to collect $12,300 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 Prepare journal entries to record the tax levy on July 1, 2020, 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 30 Prepare a summary journal entry to record the collection of delinquent taxes, interest, and penalties (You may assume that these amounts had been designated 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 60 days of year end Prepare the journal entry necessary to record interest and penalties if they are not expected to be collected soon after year end View transaction list Journal entry worksheet TO 0 0 Record the entry to reclassify the net receivable as deferred inflow of resources Note Enter debits before credits Event Debit Credit d(2) General Journal Revenues Deferred Inflows of ResourcesUnavailable Revenues Record entry Clear entry View general journal Reg A to E Journal Entries Req A to E Subsidiary Ledger

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On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $3,200,000. The county estimated that 2 percent

On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $3,200,000. 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 $2,950,000 in taxes. During the current fiscal year, the county collected $48,000 in delinquent taxes and $3,800 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in the amount of $13,500 but only expects to collect $12,300 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.

Prepare journal entries to record the tax levy on July 1, 2020, 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 30.
Prepare a summary journal entry to record the collection of delinquent taxes, interest, and penalties. (You may assume that these amounts had been designated 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 60 days of year-end.
Prepare the journal entry necessary to record interest and penalties if they are not expected to be collected soon after year-end.

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View transaction list Journal entry worksheet TO @ @ @ @ 0 0 Record the entry to reclassify the net receivable as deferred inflow of resources. Note: Enter debits before credits. Event Debit Credit d(2) General Journal Revenues Deferred Inflows of ResourcesUnavailable Revenues Record entry Clear entry View general journal Reg A to E Journal Entries Req A to E Subsidiary Ledger >