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E5-10 (Property Taxes) Make all required General Fund journal entries for the Doyle County Public Schools...
E5-10 (Property Taxes) Make all required General Fund journal entries for the Doyle County Public Schools for 20X6, including adjusting entries, required by the following information. 1. The Doyle County Public Schools Board of Education adopted the 20X6 General Fund budget presented by Superintendent Jacob Doyle at its final meeting of 20X5. Budgeted revenues were $21 million and appropriations totaled $20.4 million, Record the budget as of the beginning of the 20X6 fiscal year. 2. Doyle County Public Schools levied property taxes of $13.5 million. Three percent is expected to be uncollectible. 3. Taxes of $11 million were collected prior to the due date. The remainder of the taxes became past due. 4. 600000 of taxes were collected after the due date but prior to year end, which is December 31st. 5. $350000 of taxes were collected in January 20X7, $200,000 in February, and $100,000 in March 20X7
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Expert Solution
| General Fund journal entries for the Doyle County Public School for 20X6. | |||
| Events | General Journal | Debits | Credits |
| 1 | Estimated Revenue | $21 milllion | |
| Appropriations | $20.4 million | ||
| Budgetary Fund Balance | 0.6 million | ||
| 2 | Property Taxes Receivable | $13.5 million | |
| Allowance for Uncollectible Tax | $0.405 million | ||
| Revenues | $13.095 million | ||
| 3 | Cash | $11 million | |
| Property Taxes Receivable | $11 million | ||
| Property Taxes Receivable - Delinquent | $2.5 million | ||
| Property Taxes Receivable | $2.5 million | ||
| Allowance for Uncollectible Tax | $0.405 million | ||
| Allowance for Uncollectible Tax - Delinquent | $0.405 million | ||
| 4 | Cash | $0.6 million | |
| Property Taxes Receivable - Delinquent | $0.6 million | ||
| 5 | In the year 20X7 | ||
| January | Cash | $0.35 million | |
| Property Taxes Receivable - Delinquent | $0.35 million | ||
| February | Cash | $0.2 million | |
| Property Taxes Receivable - Delinquent | $0.2 million | ||
| March | Cash | $0.1 million | |
| Property Taxes Receivable - Delinquent | $0.1 million | ||
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