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1. Journal Entries -
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a. The balance in Deferred Inflows—Property Taxes was $77,000 at the...
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...
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...
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 A credit to Revenues Control. A debit to Deferred Inflows: Property Taxes; and a credit to Revenues Control. A debit to Deferred Inflows: Property Taxes. A debit to Revenues Control.
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 $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...
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...
Credits Debits $132,348 47.220 Cash Taxes Receivable Allowance for Uncollectible Taxes Supplies D...
part d
Credits Debits $132,348 47.220 Cash Taxes Receivable Allowance for Uncollectible Taxes Supplies Deferred Inflows-Property Taxes Wages Payable Fund Balance $ 1,570 660 21,000 156.758 $180,228 Totals $180,228 During 2017, Jefferson experienced the following transactions: 1. The budget was passed by the County Commission, providing estimated revenues of $285,000 and appropriations of $235,000 and estimated other financing uses of $40,000 2. Encumbrances totaling $4,800 putstanding at December 31, 2016, were 3. The Deferred Inflows-Property Taxes at December 31, 2016,...
1. Record the receipt of taxes as of April 30. 2. Record the entry to reclassify...
1. Record the receipt of taxes as of April 30.
2. Record the entry to reclassify the uncollected tax amounts as
delinquent.
3. Record interest and penalties.
4. Record the collection of delinquent taxes, interest and
penalties.
On July 1, 2017, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,300,000. The county estimated that 4 percent of the taxes levied would be uncollectible. As of April 30, 2018, the due date for all 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 $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...
part d
Credits Debits $132,348 47.220 Cash Taxes Receivable Allowance for Uncollectible Taxes Supplies Deferred Inflows-Property Taxes Wages Payable Fund Balance $ 1,570 660 21,000 156.758 $180,228 Totals $180,228 During 2017, Jefferson experienced the following transactions: 1. The budget was passed by the County Commission, providing estimated revenues of $285,000 and appropriations of $235,000 and estimated other financing uses of $40,000 2. Encumbrances totaling $4,800 putstanding at December 31, 2016, were 3. The Deferred Inflows-Property Taxes at December 31, 2016,...
1. Record the receipt of taxes as of April 30.
2. Record the entry to reclassify the uncollected tax amounts as
delinquent.
3. Record interest and penalties.
4. Record the collection of delinquent taxes, interest and
penalties.
On July 1, 2017, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $4,300,000. The county estimated that 4 percent of the taxes levied would be uncollectible. As of April 30, 2018, the due date for all property...
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