The journal entry to record the prior year’s deferred Inflows: property taxes (those expected to be...
The journal entry to record the prior year’s deferred Inflows: property taxes (those expected to be collected more than 60 days beyond year-end) as revenue in the current year would include:
Multiple Choice
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A credit to Revenues Control.
-
A debit to Deferred Inflows: Property Taxes; and a credit to Revenues Control.
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A debit to Deferred Inflows: Property Taxes.
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A debit to Revenues Control.
Homework Answers
The entry would be
| Deferred inflows | debit | |
| Revenues control | Credit |
Option B is the answer
Comment if you face any issues
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The journal entry to record the prior year’s deferred Inflows:
property taxes (those expected to be...
please bold answers in explanation a. The balance in Deferred Inflows—Property Taxes was $77,000 at the...
please bold answers in explanation
a. The balance in Deferred Inflows—Property Taxes was $77,000 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 $9,100,000 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, $4,900,000 in property...
Check my wc QE 4-4 Journal Entries The Town of Quincy's fiscal year ends on June...
Check my wc QE 4-4 Journal Entries 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, 2017 a. The balance in Deferred Inflows--Property Taxes was $65,000 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, 2016. property taxes in the amount of $8,500,000 were levied. It was...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax...
On July 1, 2020, the beginning of its fiscal year, Ridgedale
County recorded gross property tax levies of $3,200,000. The county
estimated that 2 percent of the taxes levied would be
uncollectible. As of April 30, 2021, the due date for all property
taxes, the county had collected $2,950,000 in taxes. During the
current fiscal year, the county collected $48,000 in delinquent
taxes and $3,800 in interest and penalties on the delinquent taxes.
The county imposed penalties and interest in...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. The county estimated that 2 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $3,900,000 in taxes. During the current fiscal year, the county collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in...
The Town of Quincy’s fiscal year ends on June 30. The following data relate to the...
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, 2017. The balance in Deferred Inflows—Property Taxes was $68,000 at the end of the previous year. This was recognized as revenue in the current year in a reversing journal entry. On July 1, 2016, property taxes in the amount of $8,650,000 were levied. It was estimated that 0.5 percent would be uncollectible. The property...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. The county estimated that 2 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $3,900,000 in taxes. During the current fiscal year, the county collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. The county estimated that 2 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $3,900,000 in taxes. During the current fiscal year, the county collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in...
Current year Real Property Taxes $6,484,000 Delinquent Taxes 348,000 interest and Penalties Receivable on Taxes 23,860...
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...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax...
On July 1, 2020, the beginning of its fiscal year, Ridgedale
County recorded gross property tax levies of $3,200,000. The county
estimated that 2 percent of the taxes levied would be
uncollectible. As of April 30, 2021, the due date for all property
taxes, the county had collected $2,950,000 in taxes. During the
current fiscal year, the county collected $48,000 in delinquent
taxes and $3,800 in interest and penalties on the delinquent taxes.
The county imposed penalties and interest in...
The General Fund collected the following amounts in cash: Current year Real Property Taxes $6,484,000 Delinquent...
The General Fund collected the following amounts in cash: 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...
please bold answers in explanation
a. The balance in Deferred Inflows—Property Taxes was $77,000 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 $9,100,000 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, $4,900,000 in property...
Check my wc QE 4-4 Journal Entries 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, 2017 a. The balance in Deferred Inflows--Property Taxes was $65,000 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, 2016. property taxes in the amount of $8,500,000 were levied. It was...
On July 1, 2020, the beginning of its fiscal year, Ridgedale
County recorded gross property tax levies of $3,200,000. The county
estimated that 2 percent of the taxes levied would be
uncollectible. As of April 30, 2021, the due date for all property
taxes, the county had collected $2,950,000 in taxes. During the
current fiscal year, the county collected $48,000 in delinquent
taxes and $3,800 in interest and penalties on the delinquent taxes.
The county imposed penalties and interest in...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. The county estimated that 2 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $3,900,000 in taxes. During the current fiscal year, the county collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in...
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,200,000. The county estimated that 2 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $3,900,000 in taxes. During the current fiscal year, the county collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in...
On July 1, 2020, the beginning of its fiscal year, Ridgedale
County recorded gross property tax levies of $3,200,000. The county
estimated that 2 percent of the taxes levied would be
uncollectible. As of April 30, 2021, the due date for all property
taxes, the county had collected $2,950,000 in taxes. During the
current fiscal year, the county collected $48,000 in delinquent
taxes and $3,800 in interest and penalties on the delinquent taxes.
The county imposed penalties and interest in...
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