QUESTION 1 Incomplete answer Marked out of 25.00 Flag question Journal entries for General Fund financial transactions for Croton City Prepare journal entries, as appropriate, to record these transactions. (We suggest you post the journal entries to general ledger T-accounts.) Note: The Croton City continuing problem is introduced in Chapter 3 on page 3-32. You should review the scenario in Chapter 3 before preparing the journal entries for the General Fund in this chapter. 1. Of the $800 in property taxes receivable at January 1, $780 was collected in cash. The remaining $20 was written off as uncollectible. Deferred property taxes at the beginning of the year were recognized as revenue ($300) 2. Accrued salaries from the previous year ($700) were paid 3. Property taxes in the amount of $9,030 were levied in order to provide revenues of $9,000. Tax bills were sent to the property owners. An allowance for uncollectible taxes was established 4. During the year, property taxes of $8,100 were collected in cash. 5. The state collects personal income taxes on behalf of the city. During the year, Croton received personal income taxes of $4,600 from the state 6. The Parks Department collected $700 in recreation fees during the year. 7. Croton paid salaries of $13,600, charging the salary appropriations as follows Public safety $6,700 7. Croton paid salaries of $13,600, charging the salary appropriations as follows Public safety $6,700 Public works 4700 Parks 2,200 8. The state sent the city a check for $1,000 to finance a special public safety program, stipulating that the resources could be used at any time during 2019 or 2020. The $6,700 in public safety salaries paid in the previous transaction includes $800 of salaries for this program, so $200 remains available for spending on the program in 2020 9. Unpaid salaries at year-end (to be paid during the first week of 2020) were as follows: Public safety $350 Public works 250 Parks 100 10. At year-end, the uncollected property taxes were declared delinquent. The existing allowance for uncollectible taxes is reclassified to delinquent. Croton's director of finance estimated that $500 of the uncollected taxes would be collected in January and February 2020 and $400 would be collected during the rest of 2020 11. In January 2020, the state advised Croton that the state held $500 in personal income taxes on the city's behalf and that it would send the taxes to Croton by February 10.t also told Croton that it was likely that, by April 30, Croton would receive an additional $200 of taxes with final returns, but that tax refunds would probably be $300. (Remember that "available" for income taxes is defined as taxes expected to be collected within 120 days after the end of the calendar year.) 12. Police officers who retired at the end of 2019 will be paid $10 for unused vacation pay on January 6, 2020 Ref. Description Debit Credit 1Cash 780 Property taxes receivable - delinquent 20 Property taxes receivable 800 To record receipt of cash and write-off of uncollectible receivable. Deferred property tax revenues 300 Revenues - property taxes 300 To recognize previously deferred property tax revenues. Salaries payable 700 Cash 700 Allowance for uncollectible taxes 30 Revenues - property taxes 9,000 Revenues - property taxes 9,030 4 Cash 8,100 Revenues - personal income taxes 8,100 Cash 4,600 Revenues - personal income taxes 4,600 Cash 700 Revenues- recreation fees 700 7 Expenditures-public saftey salaries 6,700 Expenditures - public works salaries 4,700 Expenditures parks salaries 2,200 Cash 13,600 9 Expenditures - public safety salaries 350 Expenditures public works salaries 250 Expenditures- parks salaries 100 Salaries payable 700 10 Allowance for uncollectible taxes - delinquent 900 Property taxes receivable 900 To record delinquent property tax receivables. Income taxes receivable 500 Revenues personal income taxes 500 To record allowance account to delinquent. To accrue taxes applicable to 2019, to be received in 2020. Income taxes receivable To accrue estimated taxes receivable and refunds payable applicable to 2019. 12 Accrued vacation pay payable Allowance for uncollectible taxes Allowance for uncollectible taxes - delinquent Cash Deferred property tax revenues Expenditures- parks salaries Expenditures - public safety salaries Income tax refunds payable Income taxes receivable nu To Property taxes receivable Property taxes receivable - delinquent Revenues -intergovernmental grants Revenues personal income taxes Ind Revenues-property taxes Revenues- recreation fees alaries pavable QUESTION 1 Incomplete answer Marked out of 25.00 Flag question Journal entries for General Fund financial transactions for Croton City Prepare journal entries, as appropriate, to record these transactions. (We suggest you post the journal entries to general ledger T-accounts.) Note: The Croton City continuing problem is introduced in Chapter 3 on page 3-32. You should review the scenario in Chapter 3 before preparing the journal entries for the General Fund in this chapter. 1. Of the $800 in property taxes receivable at January 1, $780 was collected in cash. The remaining $20 was written off as uncollectible. Deferred property taxes at the beginning of the year were recognized as revenue ($300) 2. Accrued salaries from the previous year ($700) were paid 3. Property taxes in the amount of $9,030 were levied in order to provide revenues of $9,000. Tax bills were sent to the property owners. An allowance for uncollectible taxes was established 4. During the year, property taxes of $8,100 were collected in cash. 5. The state collects personal income taxes on behalf of the city. During the year, Croton received personal income taxes of $4,600 from the state 6. The Parks Department collected $700 in recreation fees during the year. 7. Croton paid salaries of $13,600, charging the salary appropriations as follows Public safety $6,700 7. Croton paid salaries of $13,600, charging the salary appropriations as follows Public safety $6,700 Public works 4700 Parks 2,200 8. The state sent the city a check for $1,000 to finance a special public safety program, stipulating that the resources could be used at any time during 2019 or 2020. The $6,700 in public safety salaries paid in the previous transaction includes $800 of salaries for this program, so $200 remains available for spending on the program in 2020 9. Unpaid salaries at year-end (to be paid during the first week of 2020) were as follows: Public safety $350 Public works 250 Parks 100 10. At year-end, the uncollected property taxes were declared delinquent. The existing allowance for uncollectible taxes is reclassified to delinquent. Croton's director of finance estimated that $500 of the uncollected taxes would be collected in January and February 2020 and $400 would be collected during the rest of 2020 11. In January 2020, the state advised Croton that the state held $500 in personal income taxes on the city's behalf and that it would send the taxes to Croton by February 10.t also told Croton that it was likely that, by April 30, Croton would receive an additional $200 of taxes with final returns, but that tax refunds would probably be $300. (Remember that "available" for income taxes is defined as taxes expected to be collected within 120 days after the end of the calendar year.) 12. Police officers who retired at the end of 2019 will be paid $10 for unused vacation pay on January 6, 2020 Ref. Description Debit Credit 1Cash 780 Property taxes receivable - delinquent 20 Property taxes receivable 800 To record receipt of cash and write-off of uncollectible receivable. Deferred property tax revenues 300 Revenues - property taxes 300 To recognize previously deferred property tax revenues. Salaries payable 700 Cash 700 Allowance for uncollectible taxes 30 Revenues - property taxes 9,000 Revenues - property taxes 9,030 4 Cash 8,100 Revenues - personal income taxes 8,100 Cash 4,600 Revenues - personal income taxes 4,600 Cash 700 Revenues- recreation fees 700 7 Expenditures-public saftey salaries 6,700 Expenditures - public works salaries 4,700 Expenditures parks salaries 2,200 Cash 13,600 9 Expenditures - public safety salaries 350 Expenditures public works salaries 250 Expenditures- parks salaries 100 Salaries payable 700 10 Allowance for uncollectible taxes - delinquent 900 Property taxes receivable 900 To record delinquent property tax receivables. Income taxes receivable 500 Revenues personal income taxes 500 To record allowance account to delinquent. To accrue taxes applicable to 2019, to be received in 2020. Income taxes receivable To accrue estimated taxes receivable and refunds payable applicable to 2019. 12 Accrued vacation pay payable Allowance for uncollectible taxes Allowance for uncollectible taxes - delinquent Cash Deferred property tax revenues Expenditures- parks salaries Expenditures - public safety salaries Income tax refunds payable Income taxes receivable nu To Property taxes receivable Property taxes receivable - delinquent Revenues -intergovernmental grants Revenues personal income taxes Ind Revenues-property taxes Revenues- recreation fees alaries pavable