Prepare entries to record the following transactions, showing which funds are affected. If a transaction...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Prepare entries to record the following transactions, showing which funds are affected. If a transaction affects more than one fund, prepare entries for all affected funds.
a. The county adopts the following budget for its General Fund on January 1, 2019.
Estimated revenues:
Property taxes $520,000
Sales taxes 80,000
Appropriations:
Salaries 480,000
Supplies and other 60,000
Transfer to Debt Service Fund 50,000
b. The county sends property tax invoices to all property owners. To raise the needed $520,000, the county sends tax bills for $525,000, anticipating that some will not pay.
c. Property owners pay taxes amounting to $500,000. The county writes off $5,000
in taxes as uncollectible. The remaining taxpayers declared delinquent, and the county adds interest and penalties of $1,000 to their tax bills. The county believes that all delinquent taxpayers will pay their bills between April 1 and June 30, 2020.
Answer & Explanation
Solved by verified expert
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!
