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.
1.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
2.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 taxes were intended to finance the expenditures for the year ended June 30, 2017.
3.October 31, $4,675,000 in property taxes were collected.
4.December 31, $3,775,000 in additional property taxes were collected
5. Receivables totaling $9,450 were deemed to be uncollectible and written off.
6.On June 30, $76,000 was moved from Revenues Control to Deferred Inflows, because it was not expected to be collected within 60 days
ANSWER
Date | Particulars | Debit ($) | Credit ($) |
Jul-01 | Deferred Revenues - Property Taxes | $68,000 | |
Revenues Control | $68,000 | ||
Taxes Receivables - Current | $8,650,000 | ||
Estimated Uncollectible Current Taxes | $43,250 | ||
Revenue Control | $8,606,750 | ||
Oct-31 | Cash | $4,675,000 | |
Taxes Receivables - Current | $4,675,000 | ||
Dec-31 | Cash | $3,775,000 | |
Taxes Receivables - Current | $3,775,000 | ||
Estimated Uncollectible Delinquent Taxes | $9,450 | ||
Taxes Receivable - Delinquent | $9,450 | ||
Jun-30 | Revenue Control | $76,000 | |
Deferred Revenue - Property taxes | $76,000 |
__________________________________
If you have any query or any Explanation please ask me in the comment box, i am here to helps you.please give me positive rating.
*****************THANK YOU*************
The Town of Quincy’s fiscal year ends on June 30. The following data relate to the...
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...
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...
Chandra Company's fiscal year ends on June 30. It is June 30, 2018, and all of the 2018 entries have been made, except the following adjusting entries: a. On March 30, 2018, Chandra paid $3,200 for a six-month premium for property insurance starting on that date. Cash was credited and prepaid insurance was debited for this amount. b. At June 30, 2018, wages of $900 were earned by employees but not yet paid. The employees will be paid on the...
The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Credits Debits $ 298,000 584,000 $299,120 26,380 11,260 Cash Taxes Receivable-Delinquent Allowance for Uncollectible Delinquent Taxes Interest and Penalties Receivable Allowance for Uncollectible Interest and Penalties Inventory of Supplies Vouchers Payable Due to Federal Government Deferred Inflows of Resources-Unavailable Revenues Fund Balance-Nonspendable-Inventory of Supplies Fund Balance-Unassigned 16,200 149,500 60,490 300,000 16,200 88,010 $924,580 $924,580 5. $1,971,000 of current...
Cactus Company's annual accounting year ends on June 30. Assume it is June 30, and all of the entries except the following adjusting journal entries have been made: a. The company earned service revenue of $2,600 on a special job that was completed June 29. Collection will be made during July; no entry has been recorded. b. On March 31, Cactus paid a six-month premium for property insurance in the amount of $3,320 for coverage starting on that date. Cash...
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...
During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: Levied property taxes of $6,630,000, of which 2 percent is estimated to be uncollectible. Collected current property taxes amounting to $6,005,000. Collected $55,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. Imposed penalties and interest in the amount of $6,800 but only expects to...
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, 2017, the beginning of its fiscal year, Johnson 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,...
1. On June 1, 2020, a school district levies the property taxes for its fiscal year that will end on June 30, 2021. The total amount of the levy is $1,000,000, and 1% is expected to be uncollectible. On levy, $250,000 is collected in June 2020 and another $500,000 is collected in July and August 2010 What is the maximum amount of property tax revenue associated with the June 1, 2020, levy that the school district might report as revenue...