Governmental Accounting - Ledgers
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Prepare general journal entries to record the following transactions in York City's general Ledger and make adjusting entries, if needed:
1. York City Levied property taxes of $12,000,000 for 20X6. The taxes were levied on January 1, 20X6. York expects $80,000 to be uncollectible. Three-fourth of the taxes receivable are expected to be collected within 2% discount period. Another $1,000,000 of taxes should be collected before year end but after the discount period. The balance of the collectible taxes is expected to be collected at a uniform rate over the first 10 month of 20X7.
2. York City collected $910,000 (before discounts) of it taxes receivable prior to the end of the discount period. The balance of tax receivable are past due.
3. York wrote off taxes receivable of $30,000 as uncollectible.
4. York collected another $900,000 of its taxes receivable after the discount period but before year end.
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Solution Summary
Governmental accounting ledgers transactions are examined.
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Accounts Debit Credit
Taxes receivable - current 9,820,000
Taxes receivable - non-current 2,000,000
Allowance for uncollectible current taxes 80,000
Revenues - Property taxes 10,140,000
Deferred revenues - Property taxes 1,600,000
The above accounts are the standard accounts used ...
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