Credits Debits $132,348 47.220 Cash Taxes Receivable Allowance for Uncollectible Taxes Supplies D...
Jefferson County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all units of government in the county. In the year 2018, the following taxes were levied: 1. $6,300,000 in property taxes were levied for the General Fund, of which 2% are deemed to be uncollectible. 2. $3,450,000 in property taxes were levied for the school district. 3. $3,150,000 in property taxes were levied for a...
a. Record journal entries for the following transactions for FY 2017. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries. (1) Encumbrances of $ 17,000 for purchase orders outstanding at the end of 2016 were re-established. (2) The January 1, 2017, balance in Deferred Inflows – Property Taxes relates to the amount of the 2016 levy that was...
Required a. Record journal entries for the following transactions for FY 2017. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries (1) Encumbrances of S 17,000 for purchase orders outstanding at the end of 2016 were re-established. (2) The January 1, 2017, balance in Deferred Inflows Property Taxes relates to the amount of the 2016 levy that was...
1.Beginning balances were: Cash, $110,000; Taxes Receivable, $251,000, Accounts payable,$65,000; and Fund Balance, $260,000. 2. The budget was passed, Estimated revenues amounted to $1,400,000 and appropriations totaled $1,394,000. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $ 1,000,000. All of the taxes are expected to be collected before February 2021. 4. Cash receipts totaled $ 970,000 for property taxes and $ 340,000 from other revenue. 5. Contracts were issued for contracted services...
6–13. Jefferson County operates a centralized motor pool to service county vehicles. At the end of 2016, the Motor Pool Internal Service Fund had the following account balances: Debt Credit Due from General Fund $ 6,500 Cash 18,000 Capital assets 35,000 Supplies inventory 4,000 Accounts payable $ 5,500 Accrued wages payable 300 Accumulated depreciation 6,500 Advance from enterprise fund 25,000 Net position 26,200 Net Position 63,500 63, 500 The following events took place during 2017: Additional supplies were purchased on...
***PLEASE ONLY HELP WITH CLOSING ENTRIES. I'LL POST THE REST OF THE INFO IN CASE YOU NEED IT. Continuous Problem 04-01 The Balance Sheet of the General Fund of the City of Monroe as of December 31, 2019, follow. $503,000 173, see CITY OF MONROE General Fund Balance Sheet As of December 31, 2019 Assets Cash Taxes receivable $210, eee Less: Estimated uncollectible taxes (37,eee) Net Interest and penalties receivable on taxes 5,200 Less: Estimated uncollectible interest and penalties (958)...
3. Onondaga County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all units of government in the county. In the year 2017, the following tax y. In the year 2017, the following taxes were levied: 1. $9,000,000 in property taxes were levied for the General Fund, of which 2% are deemed to be uncollectible. 2. $5,830,000 in property taxes were levied for the school district....
The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 276,120 Taxes Receivable—Delinquent 183,000 Allowance for Uncollectible Delinquent Taxes $ 21,960 Interest and Penalties Receivable 6,280 Allowance for Uncollectible Interest and Penalties 1,160 Inventory of Supplies 6,100 Vouchers Payable 48,500 Due to Federal Government 29,490 Deferred Inflows of Resources—Unavailable Revenues 166,160 Fund Balance—Nonspendable—Inventory of Supplies 6,100 Fund Balance—Unassigned 198,130 $ 471,500 $ 471,500 Record...
CITY OF MONROE General Fund Balance Sheet As of December 31, 2016 Assets $497,0 Cash 00 $210,0 Taxes receivable 00 (37,000 Less: Estimated uncollectible taxes 173,00 0 net 5,200 Interest and penalties receivable on taxes Less: Estimated uncollectible interest and penalties (950) net 4,250 210,00 Due from state government $884,2 Total assets 50 Liabilities, Deferred Inflows, and Fund Equity Liabilities: 99,000 Accounts payable Due to other funds 27,000 126,00 Total liabilities 21,000 Deferred inflows - Property taxes Fund equity: Screenshot...
Current year Real Property Taxes $6,484,000 Delinquent Taxes 348,000 interest and Penalties Receivable on Taxes 23,860 Sales Taxes 748,000 Licenses and Permits 479,000 Fines and Forfeits 519,000 Intergovernmental Revenues 515,000 Charges for Services 361,000 Miscellaneous Revenues 226,500 Total $9,704,360 Required: Record the receipt of cash and the related credits to receivables and revenues accounts, as applicable, in both the General Fund and governmental activities journals. (Select “Received in Cash” in the drop-down [Description] menu in the Detail Journal related to...