Problemon july 1 2017 the beginning of its fiscal year, Ask an Expert

Accounting

Problem

On July 1, 2017, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. The county estimated that 5 percent of the taxes levied would be uncollectible. As of April 30, 2018, the due date for all property taxes, the county had collected $3,900,000 in taxes. The county imposed penalties and interest in the amount of $14,500, but only expects to collect $12,800 of that amount. At the end of the fiscal year (June 30, 2018) the county had collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes.

a-1. Prepare journal entries to record the tax levy on July 1, 2017 in the General Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

a-2. Show subsidiary detail for the Revenues ledger.

b. Record the journal entries in the General Fund.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92719675

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