The County council adopts an annual budget for the General fund estimating general revenues of $1.7million, approved expenditures of $1.5 million, and approved transfers out of $120,000. At the beginning of the year, should budgetary fund balance account be debited or credited? Germantown County levied property taxes of $1.3 million are levied. The County expects to collect all but 3 percent of these taxes by 20X2. Total of $800,000 is expected to be collected within 2 month after year end 20X1. How much deferred revenue Germantown County should record as a result of above information?

The County council adopts an annual budget for the General fund estimating general revenues of $1.7million, approved expenditures of $1.5 million, and approved transfers out of $120,000. At the beginning of the year, should budgetary fund balance account be debited or credited? Germantown County levied property taxes of $1.3 million are levied. The County expects to collect all but 3 percent of these taxes by 20X2. Total of $800,000 is expected to be collected within 2 month after year end 20X1. How much deferred revenue Germantown County should record as a result of above information?

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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