a. The balance in Deferred Inflows-Property Taxes was $48,000 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 $8,200,000 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. e collected. c. October 31, $4,200,000 in property taxes 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. f. On June 30, $37,000 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

a. The balance in Deferred Inflows-Property Taxes was $48,000 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 $8,200,000 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. e collected. c. October 31, $4,200,000 in property taxes 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. f. On June 30, $37,000 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Tesla State University is a public university. Assume deferred revenues as of July 1, 2022 are in the amount of $3,500,000. Record appropriate transactions for the year ended June 30, 2023. Properly classify the revenue transactions in your answers (operating revenues, nonoperating revenues, etc.): 1. Deferred revenues were earned prior to December 2022. 2. During the fiscal year ended June 30, 2023, student tuition and fees were assessed in the amount of $68,000,000. OF that amount, $52,000,000 was collected in cash. Also, of that amount, $2,400,000 pertained to that portion of the 2023 summer session that took place after June 30, 2023. 3. Student scholarships amounted to $2,500,000. No services were required of the students. 4. Student assistantships and work-study stipends amounted to $2,000,000. 5. Auxiliary enterprise revenues amounted to $10,500,000. 3. The state appropriation for operations was received in the amount of $43,000,000. Pell Grants in the amount of $ 18,000,000…
Dawson City has a December 31 fiscal year end. The City levies property taxes of $5,000,000 on February 1, 2022 and expects 2% to be uncollectible. The City has two due dates for collection, 1/2 on October 31, 2022 and 1/2 on April 30, 2023. Record the requested journal entries: 1. Record the levy on February 1, 2022, assuming the City records the entire levy as unavailable revenue. 2. Record the collection of property taxes of $2,410,000 on October 31, 2022. 3. Record any necessary adjusting journal entry at December 31, 2022. 4. Record any necessary journal entry to recognize revenue associated with the 2/1/2022 levy in 2023. Repeat this process and record all four journal entries if the entire levy had been treated as revenue at the time of the levy.
8) OMR 2,000,000 of special assessments was levied on property owners in a special benefit district, payable in 10 equal annual installments. What are the journal entry of debt service fund?
Short-term borrowing and investing transactions A local government operates on a calendar-year basis. The following transactions and events occurred during calendar year 2021. 1. On February 1, 2021, borrowed $800,000 on tax anticipation notes (TANS). The TANS will be repaid with 0.8 percent interest on January 31, 2022. 2. Interest on the TANS was accrued through December 31, 2021. 3. Invested $200,000 in a certificate of deposit (CD) on April 1, 2021. The CD, which pays interest of 0.6 percent, will mature on September 30, 2021. 4. The CD matured on September 30, 2021. Prepare the appropriate journal entries. Round all amounts to the nearest dollar. Enter 0 or leave the field blank if no entry is required. If an entry affects more than one debit or credit account, enter the accounts in alphabetic order. Account Debit Credit To record amount borrowed. To record interest on TANS. To record investment in CD. To record redemption of CD. > > > > > >
Prepare the necessary governmental fund and government-wide journal entries, assuming a December 31, 2022 fiscal year end. A.) Salaries of $45,000 are earned between December 16 and December 31, 2022. They will be paid on January 3, 2023. B.) A city allows employees one day of sick leave a month and permits them to accumulate any sick leave that they do not take. If they terminate after at least 5 years of service, they will be paid for unused sick leave up to 60 days. In 2022, employees earned $1 million of sick leave that they did not take during the year. The city estimates that of this amount $600,000 will be paid to employees in future years as sick leave, $250,000 will be paid to five-year employees upon termination, and $150,000 will not be paid. No employees (with accrued sick leave) retired in 2022. C.) A city offers its employees participation in a defined benefit plan. The city’s actuary advised leadership that the required pension contribution for the year, based on…
Expenditure accruals A state whose fiscal year ends June 30, 2022, had the following transactions and events. For each item, compute how much total expenditures the state will report in the General Fund Statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2022. 1. During the year, the state paid salaries of $3,780,000. Its employees also earned $157,500 during the period June 23 to June 30, but the payroll for that period will be paid on July 12. $0 2. The state permits its employees to accumulate up to 30 days of vacation leave. The employees are entitled to be paid on termination or retirement for any unused vacation days. At the beginning of the fiscal year, the state's liability for unused vacation pay was $756,000. By the end of the fiscal year, the vacation pay liability had increased to $850,500. The latter amount includes $16,800 owed to employees who retired as of June 30, 2022 with unused vacation pay. That amount will be paid on July…
The government makes appropriations of RO 150,000 to Muscat School for the month of January 2019. During the month the following transactions occurred:Salary paid RO 35,000Purchase orders were placed for office supplies RO 49,000Office supplies were received with a voucher for RO 45,000An amount of RO 15,000 was transferred to Debt service fund.The unreserved fund balance at the end of the period is:
During 2019, a county debt service fund receives $5,000,000 from the general fund for budgeted payment of principal and interest on general obligation bonds. The debt service fund makes $4,000,000 in interest and $1,000,000 in principal payments. How is this reported on the debt service fund’s 2019 operating statement? a. Expenditures, $4,000,000; revenues, $5,000,000 b. Expenditures, $4,000,000; other financing sources, $5,000,000 c. Expenditures, $5,000,000; other financing sources, $5,000,000 d. Expenditures, $5,000,000; revenues $5,000,000
at the end of the 2023 fiscal year the general fund had $500 in encumbrances that remained opened into fiscal year 2024. In 2024 the encumbered goods were received at an invoiced cost of $520. How much would be recorded as the 2024 expenditure?
At the beginning of 2020, a town reports the following balances, related to 2019 taxes: Property taxes receivable $ 300,000 Allowance for uncollectible taxes (160,000) Property taxes receivable, net $ 140,000 Cash collected in 2020 from property owners for 2019 taxes was $155,000. The remaining uncollected taxes were written off. Property tax bills were sent out at the beginning of 2020 in the amount of $4,000,000, of which $300,000 were estimated to be uncollectible. Cash collected from property owners for 2020 taxes was $3,650,000. Of the $350,000 uncollected at year-end, $100,000 in taxes are expected to be collected in the next 60 days, and $20,000 are expected to be collected more than 60 days from year-end. The remainder are considered uncollectible. Prepare the journal entries to record the above information in the general fund accounts
Godo
Property Tax Revenue: A city that has a 12/31 fiscal year end has adopted a policy of recognizing property tax revenue consistent with the modified accrual accounting 60-day availability rule under GAAP. Assume every December 31st the government properly defers revenue amounts deemed unavailable. Important dates related to property tax revenue are listed below. 10/1/2019 Fiscal year 2020 property taxes of $800,000 (5% of which are estimated to be uncollectible) are levied (e.g. sent to taxpayers) and are legally enforceable on 10/1/2019 to finance the activities of fiscal year 2020. 1/1/2020 Tax and fiscal year 2020 begins. Cash collections related to property taxes are as follows: 2/15/2020 related to 2019 property taxes $40,000 5/30/2020 related to 2019 property taxes $10,000 11/10/2020 related to 2020 property taxes $590,000 1/30/2021 related to 2020 property taxes…