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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, 2024. a. The balance in Deferred Inflows-Property Taxes was $36,000 at the end of the previous year. This was recognized as revenue in the current year in a reversing journal entry. b. On July 1, 2023, property taxes in the amount of $8,500,000 were levied. It was estimated that 0.5 percent would be uncollectible. The property taxes were intended to finance the expenditures for the year ended June 30, 2024. c. October 31, $4,200,000 in property taxes were collected. d. December 31, $4,100,000 in additional property taxes were collected. e. Receivables totaling $8,700 were deemed to be uncollectible and written off. f. On June 30, $37,000 was moved from Revenues Control to Deferred Inflows, because it was not expected to be collected within 60 days. Required: Prepare journal entries for each of the dates as indicated. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 2 1 3 4 5 6

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, 2024. a. The balance in Deferred Inflows-Property Taxes was $36,000 at the end of the previous year. This was recognized as revenue in the current year in a reversing journal entry. b. On July 1, 2023, property taxes in the amount of $8,500,000 were levied. It was estimated that 0.5 percent would be uncollectible. The property taxes were intended to finance the expenditures for the year ended June 30, 2024. c. October 31, $4,200,000 in property taxes were collected. d. December 31, $4,100,000 in additional property taxes were collected. e. Receivables totaling $8,700 were deemed to be uncollectible and written off. f. On June 30, $37,000 was moved from Revenues Control to Deferred Inflows, because it was not expected to be collected within 60 days. Required: Prepare journal entries for each of the dates as indicated. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 2 1 3 4 5 6

FINANCIAL ACCOUNTING
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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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, 2024. a. The balance in Deferred Inflows-Property Taxes was $36,000 at the end of the previous year. This was recognized as revenue in the current year in a reversing journal entry. b. On July 1, 2023, property taxes in the amount of $8,500,000 were levied. It was estimated that 0.5 percent would be uncollectible. The property taxes were intended to finance the expenditures for the year ended June 30, 2024. c. October 31, $4,200,000 in property taxes were collected. d. December 31, $4,100,000 in additional property taxes were collected. e. Receivables totaling $8,700 were deemed to be uncollectible and written off. f. On June 30, $37,000 was moved from Revenues Control to Deferred Inflows, because it was not expected to be collected within 60 days. Required: Prepare journal entries for each of the dates as indicated. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 4 5 6 >
Transcribed Image Text: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, 2024. a. The balance in Deferred Inflows-Property Taxes was $36,000 at the end of the previous year. This was recognized as revenue in the current year in a reversing journal entry. b. On July 1, 2023, property taxes in the amount of $8,500,000 were levied. It was estimated that 0.5 percent would be uncollectible. The property taxes were intended to finance the expenditures for the year ended June 30, 2024. c. October 31, $4,200,000 in property taxes were collected. d. December 31, $4,100,000 in additional property taxes were collected. e. Receivables totaling $8,700 were deemed to be uncollectible and written off. f. On June 30, $37,000 was moved from Revenues Control to Deferred Inflows, because it was not expected to be collected within 60 days. Required: Prepare journal entries for each of the dates as indicated. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 4 5 6 >
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