{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-25T11:05:26-04:00", "answer_date": "2024-05-25 11:05:26", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1683126", "url": "\/study-help\/questions\/on-july-1-2023-the-beginning-of-its-fiscal-year-1683126", "question_creation_date_js": "2024-05-25T11:05:26-04:00", "question_creation_date": "May 25, 2024 11:05 AM", "meta_title": "[Solved] On July 1, 2023, the beginning of its fis | SolutionInn", "meta_description": "Answer of - On July 1, 2023, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,700,000. | SolutionInn", "meta_keywords": "july,1,2023,beginning,fiscal,year,ridgedale,county,recorded,gross,property,tax", "question_title_h1": " On July 1, 2023, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,700,000. The county estimated that 3", "question_title": " On July 1, 2023, the beginning of its fiscal year, Ridgedale", "question_title_for_js_snippet": "On July 1, 2023, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,700,000 The county estimated that 3 percent of the taxes levied would be uncollectible As of April 30, 2024, the due date for all property taxes, the county had collected $4,375,000 in taxes During the current fiscal year, the county collected $55,500 in delinquent taxes and $5,300 in interest and penalties on the delinquent taxes The county imposed penalties and interest in the amount of $15,000 but only expects to collect $13,050 of that amount At the end of the fiscal year (June 30, 2024), 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 a Prepare journal entries to record the tax levy on July 1, 2023, in the General Fund (Ignore all entries in the governmental activities journal ) b Prepare a summary journal entry to record the collection of current taxes as of April 30 c 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 ) d 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 e Prepare the journal entry necessary to record interest and penalties if they are not expected to be collected soon after year end Journal entry worksheet 2 3 4 5 6 7 Record the tax levy on July 1, 2023 in the General Fund Note Enter debits before credits Event a General Journal Debit Credit Journal entry worksheet 1 2 3 4 5 6 7 Record the collection of current taxes as of April 30 Note Enter debits before credits Event b General Journal Debit Credit Journal entry worksheet 1 2 3 4 5 6 7 Record the collection of delinquent taxes, interest, and penalties Note Enter debits before credits Event c(1) General Journal Debit Credit Journal entry worksheet 1 2 3 4 5 6 7 Record the reversal of deferred inflows Note Enter debits before credits Event c(2) 13 General Journal Debit Credit Journal entry worksheet 1 2 3 4 5 6 7 Record the entry to reclassify the uncollected tax amounts and allowances as delinquent Note Enter debits before credits Event d(1) General Journal Debit Credit Journal entry worksheet 1 2 3 4 5 6 7 Record the entry to reclassify the net receivable as deferred inflow of resources Note Enter debits before credits Event d(2) General Journal Debit Credit Journal entry worksheet 1 2 3 4 5 6 7 Record interest and penalties if they are not expected to be collected soon after year end Note Enter debits before credits Event e General Journal Debit Credit Req A to E Subsidiary Journal Entries Ledger Show subsidiary detail for the Revenues ledger RIDGEDALE COUNTY Revenues Ledger Est Revenues Dr(Cr) Revenues Cr(Dr) Balance Dr(Cr) Account Description ed Taxes Property Tax bk Interest and Penalties t Delinquent Taxes nces Property Tax Interest and Penalties Deferred Inflows of Resources Property Tax Interest and Penalties", "question_description": "\"image\"image\"image\"image\"image\"image\"image\"image\"image", "transcribed_text": "On July 1, 2023, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,700,000. The county estimated that 3 percent of the taxes levied would be uncollectible. As of April 30, 2024, the due date for all property taxes, the county had collected $4,375,000 in taxes. During the current fiscal year, the county collected $55,500 in delinquent taxes and $5,300 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in the amount of $15,000 but only expects to collect $13,050 of that amount. At the end of the fiscal year (June 30, 2024), 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. a. Prepare journal entries to record the tax levy on July 1, 2023, in the General Fund. (Ignore all entries in the governmental activities journal.) b. Prepare a summary journal entry to record the collection of current taxes as of April 30. c. 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.) d. 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. e. Prepare the journal entry necessary to record interest and penalties if they are not expected to be collected soon after year- end. Journal entry worksheet < 2 3 4 5 6 7 Record the tax levy on July 1, 2023 in the General Fund. Note: Enter debits before credits. Event a General Journal Debit Credit > Journal entry worksheet < 1 2 3 4 5 6 7 Record the collection of current taxes as of April 30. Note: Enter debits before credits. Event b General Journal Debit Credit Journal entry worksheet 1 2 3 4 5 6 7 Record the collection of delinquent taxes, interest, and penalties. Note: Enter debits before credits. Event c(1) General Journal Debit Credit > Journal entry worksheet < 1 2 3 4 5 6 7 Record the reversal of deferred inflows. Note: Enter debits before credits. Event c(2) 13 > General Journal Debit Credit Journal entry worksheet < 1 2 3 4 5 6 7 Record the entry to reclassify the uncollected tax amounts and allowances as delinquent. Note: Enter debits before credits. Event d(1) General Journal Debit Credit > Journal entry worksheet < 1 2 3 4 5 6 7 Record the entry to reclassify the net receivable as deferred inflow of resources. Note: Enter debits before credits. Event d(2) General Journal Debit Credit Journal entry worksheet < 1 2 3 4 5 6 7 Record interest and penalties if they are not expected to be collected soon after year-end. Note: Enter debits before credits. Event e General Journal Debit Credit Req A to E Subsidiary Journal Entries Ledger Show subsidiary detail for the Revenues ledger. RIDGEDALE COUNTY Revenues Ledger Est. Revenues Dr(Cr) Revenues Cr(Dr) Balance Dr(Cr) Account \/ Description ed Taxes Property Tax bk Interest and Penalties t Delinquent Taxes nces Property Tax Interest and Penalties Deferred Inflows of Resources Property Tax Interest and Penalties", "related_book": { "title": "The Changing Geography Of Banking And Finance", "isbn": "1441947205, 978-1441947208", "edition": "1st Edition", "authors": "Pietro Alessandrini ,Michele Fratianni ,Alberto Zazzaro", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/2024\/03\/66050c9f889e3_94366050c9f62f22.jpg", "uri": "\/textbooks\/the-changing-geography-of-banking-and-finance-1st-edition-978-1441947208-260622", "see_more_uri": "" }, "free_related_book": { "isbn": "0735609667", "uri": "\/textbooks\/web-database-development-step-by-step-1st-edition-9780735609662", "name": "Web Database Development Step By Step", "edition": "1st Edition" }, "question_posted": "2024-05-25 11:05:26", "see_more_questions_link": "\/study-help\/questions\/business-economics-2023-September-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/1-resolve-class-c-1921682336-27-2-design-dmz-minimumof-713448", "description": "1. 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