Please answer question 9 [Para. 4-a-9]. Reclassify $70,450 of property tax revenue to the Deferred Inflows of Resourcesaccount in the General Fund journal only. To accomplish the reclassification ofrevenue, 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 relatedAllowance for Uncollectible Current Taxes account, were both reclassified asdelinquent.Of the amount classified as delinquent it was determined $70,450 would not becollected within 60 days of the fiscal year end and would therefore be unavailablefor use in the current period. As a result, the related amount of revenues wasreclassified as deferred inflows of resources.Required: Record the reclassification of the balances in the current taxesreceivable account and related allowance for uncollectible account in the GeneralFund and governmental activities journals.

Introduction: The current financial found emphasis and the modified accrual basis of accounting are…

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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 2EA: Consider the following accounts and determine if the account is a current liability, a noncurrent...

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