Assuming that the City maintains the books and record in a manner that facilitates the preparation of the fund financial statements, prepare all necessary 2003 journal entries to record the following events related to the revenues of a city. The City has a 12/31 fiscal year-end. The city has adopted the 60-days rule for all revenue recognition for which it is appropriate.;a) On January 3, the City Council levied property taxes of $1 million to support general government operations, due in two;equal installments with due dates of June 20 and December 20. The property taxes were levied to finance the 2008 budget;which had been adopted on November 3, 2007. Historically 2% of property taxes are uncollectible.;b) The City collected the following amounts related to property taxes;Delinquent 2007 taxes collected in January, 2008 $11,000;Delinquent 2007 taxes collected in March, 2008 $12,500;2008 taxes collected in June, 2008 $540,000;2008 taxes collected in December, 2008 $400,000;Delinquent 2008 taxes collected in January, 2009 $10,000;Delinquent 2008 taxes collected in March, 2009 $15,000;c) Delinquent 2008 property taxes were reclassified as delinquent.;d) $2,000 of 2006 taxes was written off.
Paper#26871 | Written in 18-Jul-2015Price : $37