Property tax adjustments for government-wide financial statements

When Oscar City prepared its governmental fund balance sheet for the year ended December 31, 2021, the General Fund column contained the following balances:

Property taxes receivable-delinquent	$27,000
Allowance for uncollectible taxes	$3,000
Deferred inflows of resources -unavailable property taxes	$7,500

During 2022, Oscar collected $24,000 of the delinquent taxes and wrote off the balance to the allowance account. Oscar levied real property taxes in the amount of $2,025,000 to finance its General Fund budget for the calendar year 2022. During the year, Oscar collected $1,920,000 against this levy. With regard to the remaining $105,000, Oscar expected to collect $70,500 during the first 2 months of calendar year 2023 and $30,000 later in the year between March and August 2023. Oscar wrote off $4,500 as uncollectible. Using the above information, calculate the amount of property tax revenue that will be recognized: a) in Oscar City's governmental fund statements for 2022. $Answer b) in Oscar City's government-wide statements for 2022. $Answer c) Prepare the journal entries needed to adjust the fund statements so government-wide statements can be prepared. If no entry is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields.

	Account	Debit	Credit
			Answer
			Answer
			Answer
			Answer
	To record adjustment for 2022 activity.