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Instructions: Prepare the necessary journal entries. Dates and explanations may be omitted. If a transaction...

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Accounting

Instructions: Prepare the necessary journal entries. Dates and explanations may be omitted. If a transaction requires no entry, do not leave it blank: state No Entry Required and explain why: Total Point: 12%

Selected transactions for the Jackson Independent School District are presented below. All amounts are in thousands of dollars.

On January 1 the school district levied property taxes of $8,000.The due date for the taxes is March 31.The school district expects to collect all except $200 either by the end of the fiscal year or within 60 days thereafter. The other $200 is expected to be uncollectible.

During the first quarter (ending March 31) the school district collected $6,800 of its current year's property taxes. The rest of the taxes are past due.

On June 12 the school district wrote off $88 of property taxes as uncollectible.

From March 31 to December 31 the school district collected $700 of the property taxes that were levied on January 1. The school district expects to collect an additional $300 of these taxes during the first two months of the next fiscal year.

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