The town of quincy's fiscal year ends on June 30. The following data relate to the property tax levy for the fiscal year ended June 30., 2020. Prepare jounal entries for each of the dates indictaed. a. The balance in Deferres 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 jounal entry. B. It is, after all, c. October 31, $4,200,000 in property taxes were collected. d. December 31, $3,700,000 in additional property taxes were collected. e. receivables totaling $8,700 wer deemed to be uncollectible and written off. f. On June 30, $37,000 was moved from revenue control to deferred inlfows, because it was not expected to be collected within 60 days.
The town of quincy's fiscal year ends on June 30. The following data relate to the property tax levy for the fiscal year ended June 30., 2020. Prepare jounal entries for each of the dates indictaed.
a. The balance in Deferres 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 jounal entry.
B. It is, after all,
c. October 31, $4,200,000 in property taxes were collected.
d. December 31, $3,700,000 in additional property taxes were collected.
e. receivables totaling $8,700 wer deemed to be uncollectible and written off.
f. On June 30, $37,000 was moved from revenue control to deferred inlfows, because it was not expected to be collected within 60 days.
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