The Town of Quincy's fiscal year ends on June 30. The following data relate to the property tax levy for the fiscal year ended June 30, 2017 Taxes was s67000 at the e ofth a The balance in Deferred Inflows-Property Taxes was $67000 at the end of the previous year. Thlis was recognized as revenue in the current year in a reversing journal entry b On July 1. 2016, property taxes in the amount of $8.600.000 were levied It was estimated that 0.5 percent would be uncollectible. The property taxes were intended to finance the expenditures for the year ended June 30, 2017 c. October 31, $4.65 . d December 31, $3750.000 In additional property taxes were collected e. Recelvables totaling $9.200 were deemed to be uncollectible and written off f On June 30, $75.000 was moved from Revenues Control to Deferred Inflows, because it was not expected to be collected within 60 days 2 3 4 5 6 The balance in Deferred Inflows-Property Taxes was $67,000 at the end of the previous year. This was recognized as revenue in the current year in a reversing journal entry. Note: Enter debits before credits, General Journal DebitCredit Transaction 87.000 3 Deferred Inflows-Property Taxes 67.000