Question 6 Incomplete answer Marked out of 32.00 P Flag question Journal entries for transactions and events involving opening balances The General Fund postclosing trial balance of the City of Harlan Heights showed the following balances on December 31, 2019: Debits Credits Cash $ 65,000 Property taxes receivable-delinquent 45,000 Allowance for uncollectible taxes-delinquent $8,000 Vouchers payable 25,000 Deferred revenues-property taxes 15,000 Assigned fund balance 12,000 Unassigned fund balance 50,000 $110,000 $110,000 Prepare entries in 2020 to record the following transactions and events applicable to the foregoing account balances: 1. Harlan collected $40,000 of delinquent property taxes during 2020. The remaining balance of the delinquent property taxes outstanding at the beginning of the year was written off as uncollectible. Deferred property taxes at the beginning of were recognized as revenue. Description Debit Credit Cash To record collection of delinquent taxes and write-off of uncollectible taxes. To reverse allowance for uncollectible taxes- delinquent. To recognize deferred property tax revenue. 2. The Assigned fund balance at the beginning of the year represented outstanding encumbrances that lapsed at year-end. The purchase orders that had been encumbered will be charged against 2020 appropriations. Description Debit Credit To reclassify fund balance for open encumbrances. To reestablish encumbrances chargeable in fiscal 2020. Type here to search