Question
Property taxes of $3,100,000 are levied for Lewis County. The bills are mailed in October of 2019, and the levy is legally enforceable on December
Property taxes of $3,100,000 are levied for Lewis County. The bills are mailed in October of 2019, and the levy is legally enforceable on December 31, 2019. If citizens pay before December 31, they receive a 5% discount.
The County collected 25% of the property taxes in November, and these citizens took the 5% discount. The remainder is expected to be collected in January 2020. The County expects that 2% will be uncollectible. Prepare the required journal entry in November and December 31, 2019 and identify the fund in which it is recorded for the fund financial statements.
Would the entries be the same or different for the government-wide financial statements? Why or why not?
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Intermediate Accounting 2014 FASB Update
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
15th edition
978-1118938782, 111893878X, 978-1118985311, 1118985311, 978-1118562185, 1118562186, 978-1118147290
