Prepare journal entries for the following transactions for both General Fund and Government Activities.
1. Recording the property tax levy: the general fund has levied 2,653,061 of property tax revenueof year 2020, 0.98 of which is expected to be collectible.
2. Collection of current taxesCollection of property taxes levied in 2020 for the General Fund amount to $2,350, 408.
3. 1) All property taxes are legally due before the end of the fiscal year. As of the end of the year,302,653 of levied property taxes are not collected.
Based on its past collection history, the General Fund does not collect a significant amount ofdelinquent taxes early (within first 60 days) in the following year.
2) 13,320 of interest and penalty has been levied on delinquent property taxes of year 2020, ofwhich 10,800 is expected to be collected. Based on its past collection history, the GeneralFund does not collect a significant amount of interest and penalty early (within first 60 days)in the following year.
4. Collection of delinquent taxesDelinquent taxes of 207,330 are paid, together with 6,800 interest and penalty recorded at theend of prior year.