The Town of Quincy's fiscal year ends on June 30. The following data relate to the...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/664e7955441c8_900664e7954d3c3a.jpg)
Transcribed Image Text:
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 43:42 rences a. The balance in Deferred Inflows-Property Taxes was $65,000 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 $8,500,000 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, $4,600,000 in property taxes were collected. d. December 31, $3,700,000 in additional property taxes were collected e. Receivables totaling $8,700 were deemed to be uncollectible and written off (On June 30, $73,000 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.) 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 43:42 rences a. The balance in Deferred Inflows-Property Taxes was $65,000 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 $8,500,000 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, $4,600,000 in property taxes were collected. d. December 31, $3,700,000 in additional property taxes were collected e. Receivables totaling $8,700 were deemed to be uncollectible and written off (On June 30, $73,000 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.)
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Explain, in your own words, what is meant by source inspection.
-
For each of the following, indicate whether the type of probability involved is an example of a priori probability, empirical probability, or subjective probability. a. The next toss of a fair coin...
-
BALANCE SHEET STRUCTURE. Organize the following items into a properly prepared classified balance sheet. Add subtotals where necessary. The items are accounts payable; accounts receivable;...
-
If a company has net sales of $8,500,000, net income of $945,000, and total asset turnover of 1.8 times, what is its return on total assets?
-
On January 1, 2014, Frontier Corporation had $1,000,000 of common stock outstanding that was issued at par. It also had retained earnings of $750,000. The company issued 40,000 shares of common stock...
-
Refer View Help Design Layout Mailings Review 1. Conside the spinner shown below: 450 450 1200 Assuming that the spinner is fair, what is the probability of getting purple after spinning? b. What is...
-
A change in price of a good or service typically causes________________ for that specific good or service. a.a decreased demand b.a change along the supply curve c.no change d.the supply curve to...
-
The George Company collected the following information for the preparation of its December 31 classified balance sheet: Prepare a classified balance sheet for the George Company. Accounts receivable....
-
The following selected operating data are for Jackson Companys Blending Department for the month of April 2016. Tinting and packaging operations are carried out subsequently in other departments....
-
The Account Which of the following is not part of the T-account? a. Title b. Amount c. Cross-reference d. Analysis
-
The Accounting Cycle The following is the correct order of the five steps in the accounting cycle: a. Analyze; adjust; record; report; close b. Analyze; record; adjust; report; close c. Analyze;...
-
The general ledger includes accounts for all but which of the following? a. Assets b. Expenses c. Dividends d. All of the above are in the general ledger
-
The probability is Type a fraction Simplify your answer CTD
-
Write each fraction as a percent. 7 50
-
What is meant by a noninterest-bearing note receiyable? How are such notes valued when received in payment for sales?
-
Distinguish between the procedures used in valuing securities classified as trading versus those classified as available-for-sale for purposes of (1) computing income for the period and (2) balance...
-
Investments Tim Lane is confused when the financial statements of one of the companies he is attempting to analyze reports three different classes of investments (trading securities,...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App