Reclassify $70,450 of property tax revenue to the Deferred Inflows of Resources account in the General Fund journal only. To accomplish the reclassification of revenue, debit the revenue account and credit deferred inflows of resources. Select "Deferral" in the [Description] menu in the Detail Journal.
Reclassify $70,450 of property tax revenue to the Deferred Inflows of Resources account in the General Fund journal only. To accomplish the reclassification of revenue, debit the revenue account and credit deferred inflows of resources. Select "Deferral" in the [Description] menu in the Detail Journal.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer question 9 [Para. 4-a-9].
![Reclassify $70,450 of property tax revenue to the Deferred Inflows of Resources
account in the General Fund journal only. To accomplish the reclassification of
revenue, debit the revenue account and credit deferred inflows of resources.
Select "Deferral" in the [Description] menu in the Detail Journal.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd046fed3-afa8-4b62-b61b-e027e2dbdbcb%2F94fa87a4-389b-46e2-832c-5d18e2cc5360%2Fpdngx1r_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Reclassify $70,450 of property tax revenue to the Deferred Inflows of Resources
account in the General Fund journal only. To accomplish the reclassification of
revenue, debit the revenue account and credit deferred inflows of resources.
Select "Deferral" in the [Description] menu in the Detail Journal.
![9. [Para. 4-a-9] Current taxes receivable uncollected at year-end, and the related
Allowance for Uncollectible Current Taxes account, were both reclassified as
delinquent.
Of the amount classified as delinquent it was determined $70,450 would not be
collected within 60 days of the fiscal year end and would therefore be unavailable
for use in the current period. As a result, the related amount of revenues was
reclassified as deferred inflows of resources.
Required: Record the reclassification of the balances in the current taxes
receivable account and related allowance for uncollectible account in the General
Fund and governmental activities journals.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd046fed3-afa8-4b62-b61b-e027e2dbdbcb%2F94fa87a4-389b-46e2-832c-5d18e2cc5360%2F4c8bf8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:9. [Para. 4-a-9] Current taxes receivable uncollected at year-end, and the related
Allowance for Uncollectible Current Taxes account, were both reclassified as
delinquent.
Of the amount classified as delinquent it was determined $70,450 would not be
collected within 60 days of the fiscal year end and would therefore be unavailable
for use in the current period. As a result, the related amount of revenues was
reclassified as deferred inflows of resources.
Required: Record the reclassification of the balances in the current taxes
receivable account and related allowance for uncollectible account in the General
Fund and governmental activities journals.
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