03: ..( 6 points) A city that has a 31/12 fiscal year end has adopted a policy of recognizing the maximum amount of property revenue allowable under GAAP. Property taxes of $320.000 are levied on Jan. 1. 2018 to finance the activiti the fiscal year 2018(of which 10% are estimated to be uncollectible). During 2018, cash collections related to property taxes levied for 2018 were $230,000 and $15000 collected in advance for 2019 before levied and the wrote off as uncollectible taxes $4000... In 2019 the following amounts related to the property taxes levied for were collected: January and February of 2019: $18000: remaining after March 1) Make journal entry to record the tax levy on January 1, 2018 ? 2) Make journal entry to record the taxes levied in advance for 2019? 3) Make journal entry to record the write off of taxes? 4) Report receivables on balance sheet of the general fund 31/12/2018? 5) Determine revenue to be recognizes for 2018 in general fund? 6) Determine deferred revenue to be recognizes for 2018 in general fund? ANSWER: 1. je 1/1/2018 I 2. je for taxes collected in advance 3. i.e for write off 4. report receivables on balance sheet: 1) Make journal entry to record the tax levy on January 1, 2018? 2) Make journal entry to record the taxes levied in advance for 2019? 3) Make journal entry to record the write off of taxes? 4) Report receivables on balance sheet of the general fund 31/12/2018? 5) Determine revenue to be recognizes for 2018 in general fund? 6) Determine deferred revenue to be recognizes for 2018 in general fund? 4 ANSWER : 1. jle 1/1/2018 2. j.e for taxes collected in advance I 3. j.e for write off 4. report receivables on balance sheet: 5. revenue for 2018 in general fund 6. deferred revenue in general fund 1/12/2018 03: ..( 6 points) A city that has a 31/12 fiscal year end has adopted a policy of recognizing the maximum amount of property revenue allowable under GAAP. Property taxes of $320.000 are levied on Jan. 1. 2018 to finance the activiti the fiscal year 2018(of which 10% are estimated to be uncollectible). During 2018, cash collections related to property taxes levied for 2018 were $230,000 and $15000 collected in advance for 2019 before levied and the wrote off as uncollectible taxes $4000... In 2019 the following amounts related to the property taxes levied for were collected: January and February of 2019: $18000: remaining after March 1) Make journal entry to record the tax levy on January 1, 2018 ? 2) Make journal entry to record the taxes levied in advance for 2019? 3) Make journal entry to record the write off of taxes? 4) Report receivables on balance sheet of the general fund 31/12/2018? 5) Determine revenue to be recognizes for 2018 in general fund? 6) Determine deferred revenue to be recognizes for 2018 in general fund? ANSWER: 1. je 1/1/2018 I 2. je for taxes collected in advance 3. i.e for write off 4. report receivables on balance sheet: 1) Make journal entry to record the tax levy on January 1, 2018? 2) Make journal entry to record the taxes levied in advance for 2019? 3) Make journal entry to record the write off of taxes? 4) Report receivables on balance sheet of the general fund 31/12/2018? 5) Determine revenue to be recognizes for 2018 in general fund? 6) Determine deferred revenue to be recognizes for 2018 in general fund? 4 ANSWER : 1. jle 1/1/2018 2. j.e for taxes collected in advance I 3. j.e for write off 4. report receivables on balance sheet: 5. revenue for 2018 in general fund 6. deferred revenue in general fund 1/12/2018
