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.

1. Prepare journal entries to record the tax levy on July 1, 2020, in the General Fund. (Ignore all entries in the governmental activities journal.)
2. Prepare a summary journal entry to record the collection of current taxes as of April 30.
3. 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.)
4. 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.
5. Prepare the journal entry necessary to record interest and penalties if they are not expected to be collected soon after year-end.

Complete this question by entering your answers in the tabs below.

• Req A to E Journal Entries
• Req A to E Subsidiary Ledger

Record the following journal entries in the General Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

No	Event	General Journal	Debit	Credit
1	a	Taxes ReceivableCurrent	4,000,000
		Allowance for Uncollectible Current Taxes		80,000
		Revenues		3,920,000
2	b	Cash	3,710,000
		Taxes ReceivableCurrent		3,710,000
3	c(1)	Cash	56,600
		Taxes ReceivableDelinquent		52,000
		Interest and Penalties Receivable on Taxes		4,600
4	c(2)	Taxes ReceivableDelinquent	490,000
		Allowance for Uncollectible Current Taxes	84,000
		Taxes ReceivableCurrent		490,000
		Allowance for Uncollectible Current Taxes		84,000
5	d(1)	Estimated Revenues
		Deferred Inflows of ResourcesUnavailable Revenues
6	d(2)	Revenues	290,000
		Deferred Inflows of ResourcesUnavailable Revenues		290,000
7	e	Interest and Penalties Receivable on Taxes	14,300
		Allowance for Uncollectible Interest and Penalties		1,600
		Deferred Inflows of ResourcesUnavailable Revenues		12,700

• Req A to E Journal Entries