{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T07:08:32-04:00", "answer_date": "2024-05-26 07:08:32", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1726776", "url": "\/study-help\/questions\/the-town-of-quincys-fiscal-year-ends-on-june-30-1726776", "question_creation_date_js": "2024-05-26T07:08:32-04:00", "question_creation_date": "May 26, 2024 07:08 AM", "meta_title": "[Solved] The Town of Quincy's fiscal year ends on | SolutionInn", "meta_description": "Answer of - The Town of Quincy's fiscal year ends on June 30. The following data relate to the property tax levy for the fiscal ye | SolutionInn", "meta_keywords": "town,quincy,s,fiscal,year,ends,june,30,data,relate,property,tax", "question_title_h1": " 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", "question_title": " The Town of Quincy's fiscal year ends on June 30. The", "question_title_for_js_snippet": "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 $84,000 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 $9,450,000 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, $5,075,000 in property taxes were collected d December 31, $4,175,000 in additional property taxes were collected e Receivables totaling $13,450 were deemed to be uncollectible and written off f On June 30, $92,000 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 ) View transaction list Journal entry worksheet 1 2 3 4 5 6 The balance in Deferred Inflows Property Taxes was $84,000 at the end of", "question_description": "\"image\"image\"image\"image\"image\"image\"image", "transcribed_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. a. The balance in Deferred Inflows-Property Taxes was $84,000 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 $9,450,000 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, $5,075,000 in property taxes were collected. d. December 31, $4,175,000 in additional property taxes were collected. e. Receivables totaling $13,450 were deemed to be uncollectible and written off. f. On June 30, $92,000 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.) View transaction list Journal entry worksheet 1 2 3 4 5 6 The balance in Deferred Inflows-Property Taxes was $84,000 at the end of", "related_book": { "title": "Intermediate Accounting", "isbn": "9780470374948, 470423684, 470374942, 978-0470423684", "edition": "13th Edition", "authors": "Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/11.jpg", "uri": "\/textbooks\/intermediate-accounting-13th-edition-470423684", "see_more_uri": "" }, "free_related_book": { "isbn": "B01M5JXSPP", "uri": "\/textbooks\/sistema-hydrate-tritan-active-sports-water-bottle-800-ml-b01m5jxspp-98808", "name": "Sistema Hydrate Tritan Active Sports Water Bottle 800 Ml", "edition": "" }, "question_posted": "2024-05-26 07:08:32", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/financial-accounting\/state-whether-the-following-statement-are-true-or-false-an-1104098", "description": "State whether the following statement are True or False An increase in the owner(s) equity, in the absence of any further investment by the owners is typically effected by sale transactions.", "stars": 3 }, { "url": "\/donate-your-vehicle-dyv-is-a-charity-that-receives-donations", "description": "Donate Your Vehicle (DYV) is a charity that receives donations of old cars and converts them into cash to be used for various charitable purposes. DYV budgeted receipt of 300 cars, but actually...", "stars": 3 }, { "url": "\/study-help\/business-essentials\/discuss-the-elements-that-influence-a-firms-organizational-structure-1773459", "description": "Discuss the elements that Influence a firm's organizational structure.", "stars": 3 }, { "url": "\/study-help\/psychology\/how-has-your-background-and-education-prepared-you-for-the-1980524", "description": "How has your background and education prepared you for the job you are seeking with us?", "stars": 3 }, { "url": "\/study-help\/fundamental-accounting-principles-\/the-adjusted-trial-balance-for-renfro-company-is-given-in", "description": "The adjusted trial balance for Renfro Company is given in E3.17. Instructions Prepare the income and owners equity statements for the year and the balance sheet at August 31. E3.17 The trial balances...", "stars": 3 }, { "url": "\/study-help\/questions\/brooke-a-single-taxpayer-works-for-company-a-for-all-9852748", "description": "Brooke, a single taxpayer, works for Company A for all of 2020, earning a salary of $60,000. a. What is her FICA tax obligation for the year? (Round your final answer to the nearest whole number.) b....", "stars": 3 }, { "url": "\/study-help\/questions\/foxx-corporation-acquired-all-of-greenburg-companysoutstanding-stock-on-january-1586381", "description": "Foxx Corporation acquired all of Greenburg Company'soutstanding stock on January 1, 2022, for $535,000 cash.Greenburg's accounting records showed net assets on that date of$389,000, although equipm 0...", "stars": 3 }, { "url": "\/study-help\/questions\/read-the-topic-resource-document-retrieval-and-text-retrieval-to-999696", "description": "Read the topic Resource \"Document Retrieval and Text Retrieval\" to enhance your understanding of the process for document and text retrieval. Based on the article, explain how a document and text can...", "stars": 3 }, { "url": "\/study-help\/questions\/1-describe-the-main-purpose-of-demand-forecasting-2-explain-1006552", "description": "1. Describe the main purpose of demand forecasting. 2. Explain the different types of forecasting. 3. List out the steps involved in forecasting? 4. Discuss the time series analysis?", "stars": 3 }, { "url": "\/study-help\/questions\/1-review-existing-strategies-implemented-at-volvo-for-green-building-1005438", "description": "1. Review existing strategies implemented at Volvo for Green Building and Energy Technology. (1 point and explanation) 2. Share findings on adequacy, sufficiency, and appropriateness (1 point and...", "stars": 3 }, { "url": "\/study-help\/questions\/you-have-been-hired-as-a-restaurant-manager-for-a-1006606", "description": "You have been hired as a Restaurant Manager for a new restaurant in downtown Toronto. The owner, Mr. McDavid, has come to you with a request to incorporate sustainability within the business, both...", "stars": 3 }, { "url": "\/study-help\/questions\/1-discuss-the-seven-factors-that-should-be-addressed-when-1005190", "description": "1. Discuss the seven factors that should be addressed when making the business case for a new Information System. There are seven factors that should be addressed when making the business case for a...", "stars": 3 }, { "url": "\/study-help\/questions\/suppose-in-its-income-statement-for-the-year-ended-june-8425967", "description": "Suppose in its income statement for the year ended June 30, 2014, The Clorox Company reported the following condensed data (dollars in millions). Salaries and wages expenses $ 450 Research and...", "stars": 3 }, { "url": "\/study-help\/questions\/which-one-of-the-following-anhydrous-chloride-is-not-obtained-106496", "description": "Which one of the following anhydrous chloride is not obtained on direct heating of its hydrated chloride? (A) BaCl2 (B) CaClz (C) MgCl2 (D) SrCl2", "stars": 3 }, { "url": "\/study-help\/strategic-management-concepts-and-cases\/4-discussing-management-by-objectives-an-approach-to-management-based-1680566", "description": "4. Discussing management by objectives, an approach to management based mainly on organizational objectives", "stars": 3 }, { "url": "\/study-help\/strategic-management-concepts-and-cases\/5-develop-plans-to-pursue-chosen-alternative-1680561", "description": "5. Develop plans to pursue chosen alternative", "stars": 3 }, { "url": "\/study-help\/strategic-management-concepts-and-cases\/4-choose-best-alternative-for-reaching-objectives-1680560", "description": "4. Choose best alternative for reaching objectives", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/check-my-work-4-oxford-company-has-limited-funds-available-1726775", "next": "\/study-help\/questions\/required-you-have-been-contracted-as-a-consultant-by-sparkle-1726777" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": " The Town of Quincy's fiscal year ends on June 30. The", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/the-town-of-quincys-fiscal-year-ends-on-june-30-1726776" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }d": "1" } }