a. The balance in Deferred Inflows-Property Taxes was $48,000 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 $8,200,000 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. e collected. c. October 31, $4,200,000 in property taxes d. December 31, $3,700,000 in additional property taxes were collected. e. Receivables totaling $8,700 were deemed to be uncollectible and written off. f. On June 30, $37,000 was moved from Revenues Control to Deferred Inflows, because it was not expected to be collected within 60 days. Prepare journal entries for each of the dates as indicated. (If no entry is required for a transaction/event, select "No Journal Entry

a. The balance in Deferred Inflows-Property Taxes was $48,000 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 $8,200,000 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. e collected. c. October 31, $4,200,000 in property taxes d. December 31, $3,700,000 in additional property taxes were collected. e. Receivables totaling $8,700 were deemed to be uncollectible and written off. f. On June 30, $37,000 was moved from Revenues Control to Deferred Inflows, because it was not expected to be collected within 60 days. Prepare journal entries for each of the dates as indicated. (If no entry is required for a transaction/event, select "No Journal Entry

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ll.133.