The General Fund collected the following amounts in cash: Current year Real Property Taxes $6,484,000...
60.1K
Verified Solution
Question
Accounting
The General Fund collected the following amounts in cash:
Current year Real Property Taxes $6,484,000
Delinquent Taxes 348,000
Interest and Penalties Receivable on Taxes 23,860
Sales Taxes 748,000
Licenses and Permits 479,000
Fines and Forfeits 519,000
Intergovernmental Revenues 515,000
Charges for Services 361,000
Miscellaneous Revenues 226,500
Total $9,704,360
8. Required: Record the receipt of cash and the related credits to receivables and revenues accounts, as applicable, in both the General Fund and governmental activities journals. For governmental activities at the government-wide level, all Licenses and Permits and Charges for Services were attributable to the General Government function as Program Revenue-Charges for Services. Fines and forfeits were collected by General Government departments in the amount of $200,000 and by Public Safety departments in the amount of $319,000. Intergovernmental Revenues should be credited to Program RevenuesGeneral GovernmentOperating Grants and Contributions. (In addition to the cash collection, remember to recognize revenue in the General Fund for the delinquent taxes and interest and penalties collected by reducing the deferred inflows of resources balance. These revenues were not expected to be collected within 60 days of year end, thus they were not considered available under the modified
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.