Question

The Edward City Council approved and adopted the budget for its general fund for the fiscal year beginning on January 1, Year 2. The budget contained the following amounts:

Estimated revenues	$4,900,000
Appropriations	4,780,000

On November 1, Year 1, Edward City levied property taxes of $4,150,000 for the fiscal year beginning January 1, Year 2. It estimated that $25,000 will be uncollectible. Any payment of property taxes received during the discount period receives a 20% discount. During the discount period between the levy (October 15, Year 1) and the date (December 1, Year 1) that the levy became a legally enforceable claim, the city received $120,000 from property owners.

For each date below, select from the list provided the general fund accounts debited and credited for the journal entries for this property tax levy.

To prepare each required journal entry:

• Click on a cell in the Account Name column and select from the option list the appropriate account. An account may be used once, more than once, or not at all.
• Enter the corresponding debit or credit amount in the associated column.
• Round all amounts to the nearest whole number.
• Not all rows in the table might be needed to complete each journal entry.
• If no journal entry is needed, check the “No entry required” box at the top of the table as your response.

1. Record the journal entries for November 1, Year 1, if any.

No Entry Required

Account Name	Debit	Credit
Estimated revenues
		2. Record the journal entries for November 30, Year 1, if any. No Entry Required Account Name Debit Credit 3. Record the journal entries for December 1, Year 1, if any. No Entry Required Account Name Debit Credit 4. Record the journal entries for January 1, Year 2, if any. No Entry Required Account Name Debit Credit

Answer 1

As per the given Question

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