Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
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 , 2020. a. The balance in Deferred Inflows - Property Taxes was $82,000 at the end of the previous year. This was recognized as revenue in the current year in a reversing journal entry. b. On July 1, 2019, property taxes in the amount of $9,350,000 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 30,2020 . c. October 31, $5,025,000 in property taxes were collected. d. December 31,$4,125,000 in additional property taxes were collected. e. Receivables totaling $12,950 were deemed to be uncollectible and written off. f. On June 30,$90,000 was moved from Revenues Control to Deferred Inflows, because it was not expected to be collected within 60 days. Prepare journal entries for each of the dates as indicated. "If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 5 The balance in Deferred Inflows-Property Taxes was $82,000 at the end of the previous year. This was recognized as revenue in the current year in a reversing joumal entry. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions