In: Accounting
During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes:
Required
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Part 1 | General Fund | ||||
Event | Account | Debit | Credit | ||
1 | Tax Receivable-Current | $6,600,000 | |||
Allowance for uncollectible current taxes | $ 132,000 | ||||
Revenue | $ 6,468,000 | ||||
2 | Cash | $5,975,000 | |||
Tax Receivable-Current | $ 5,975,000 | ||||
3a | Cash | $ 57,800 | |||
Tax Receivable-Delinquet | $ 53,000 | ||||
Interest and Penalities receivable on Tax | $ 4,800 | ||||
3b | Deferred inflows of resource-Unavailable revenue | $ 57,800 | |||
Revenues | $ 57,800 | ||||
4 | Interest and Penalities receivable on Tax | $ 7,500 | |||
Allowance for uncollectible Interst and Penalties | $ 1,300 | ||||
Revenue | $ 6,200 | ||||
5a | Tax Receivable-Delinquet | $ 625,000 | |||
Allowance for uncollectible current taxes | $ 132,000 | ||||
Tax Receivable-Current | $ 625,000 | ||||
Allowance for uncollectible Delinquent taxes | $ 132,000 | ||||
5b | Revenues | $ 499,200 | |||
Deferred inflows of resource-Unavailable revenue | $ 499,200 | ||||
Part b | |||||
Event | Account | Debit | Credit | ||
1 | Tax Receivable-Current | $6,600,000 | |||
Allowance for uncollectible current taxes | $ 132,000 | ||||
General Revenue-Property Tax | $ 6,468,000 | ||||
2 | Cash | $5,975,000 | |||
Tax Receivable-Current | $ 5,975,000 | ||||
3 | Cash | $ 57,800 | |||
Tax Receivable-Delinquet | $ 53,000 | ||||
Interest and Penalities receivable on Tax | $ 4,800 | ||||
4 | Interest and Penalities receivable on Tax | $ 7,500 | |||
Allowance for uncollectible Interest and Penalties | $ 1,300 | ||||
General revenue-Interest and penalties on Delinquent taxes | $ 6,200 | ||||
5 | Tax Receivable-Delinquet | $ 625,000 | |||
Allowance for uncollectible current taxes | $ 132,000 | ||||
Tax Receivable-Current | $ 625,000 | ||||
Allowance for uncollectible Delinquent taxes | $ 132,000 | ||||
Part c | Entry No | General Fund | Government wide revenue | ||
Tax Levy | 1 | $ 6,468,000 | $ 6,468,000 | ||
Add: Delinquent Collection | 3 | $ 57,800 | |||
Less: Unavailbale Revenue | 5 | $ -499,200 | |||
Current Year Revenue | $ 6,026,600 | $ 6,468,000 | |||