Additional interest and penalties were accrued on delinquent property taxes |
in the amount of $1,960, of which 10 percent was estimated to be uncollectible. (Note: |
Round the estimated uncollectible to the nearest whole dollar.) |
Required: |
Record this accrual in both the General Fund (GF) and governmental activities |
Need Journal Entries for the General Fund and the Government-Wide Activities
(GW) general journals. |
Ans:
S.no | Account title and explanation | Debit($) | Credit($) |
General Fund Interest and penalties receivable | 1,960 | ||
Allowances for uncollectible interest | 196 | ||
General Revenue(1,960*90%) | 1,764 | ||
Government Activities Interest and penalties receivables | 1,960 | ||
Allowances for uncollectible interest | 196 | ||
General Revenues | 1,764 | ||
( to record accrual for general fund and government Activities) |
Additional interest and penalties were accrued on delinquent property taxes in the amount of $1,960, of...
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