General fund journal entries (property taxes) The following events and transactions relate to the levy and collection of property taxes for Jedville Township: March 21, 2011-Property tax bills for $2,500,000 are sent to property owners. An estimated 2% of the property tax levies are uncollectible. The taxes are due on May 1. May 4, 2011-$1,900,000 in taxes have been collected. The remaining receivables are reclassified as delinquent. May 5 to December 31, 2011-An additional $150,000 of taxes are collected. November 1, 2011-A $5,000 tax receivable account is determined to be uncollectible and is written off. January 1, 2012, to February 28, 2012-An additional $87,750 of 2011 taxes are collected.

General fund journal entries (property taxes) The following events and transactions relate to the levy and collection of property taxes for Jedville Township: March 21, 2011-Property tax bills for $2,500,000 are sent to property owners. An estimated 2% of the property tax levies are uncollectible. The taxes are due on May 1. May 4, 2011-$1,900,000 in taxes have been collected. The remaining receivables are reclassified as delinquent. May 5 to December 31, 2011-An additional $150,000 of taxes are collected. November 1, 2011-A $5,000 tax receivable account is determined to be uncollectible and is written off. January 1, 2012, to February 28, 2012-An additional $87,750 of 2011 taxes are collected.

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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On October 1, 2019, the City of Thomasville issued $5,000,000 in 4%, general obligation bonds at 101 for the purpose of constructing an addition to City Hall. The premium was transferred to a debt service fund. A total of $4,968,750 was used to construct the addition, which was completed prior to June 30, 2020. The remaining funds were transferred to the debt service fund. The bonds were dated October 1, 2019, and paid interest on April 1 and October 1. The first of 20 annual principal payments of $250,000 is due October 1, 2020. The fiscal year for Thomasville is July 1 - June 30.How would the construction costs be reported at year-end? As an expenditure of the capital projects fund and an expense in the government-wide Statement of Activities. As an expenditure of the capital projects fund only. As an expenditure of the capital projects fund and a capital asset in the government-wide Statement of Net Position. As a capital asset in the Statement of Net Position only.
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 $ 476,000 Taxes Receivable—Delinquent 601,000 Allowance for Uncollectible Delinquent Taxes $ 189,120 Interest and Penalties Receivable 28,080 Allowance for Uncollectible Interest and Penalties 12,960 Inventory of Supplies 17,900 Vouchers Payable 166,500 Due to Federal Government 77,490 Deferred Inflows of Resources—Unavailable Revenues 427,000 Fund Balance—Nonspendable—Inventory of Supplies 17,900 Fund Balance—Unassigned 232,010 $ 1,122,980 $ 1,122,980 Prepare a General Fund balance sheet as of June 30, 2020.
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