Business, 24.03.2021 17:00 monkey2865
On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levies of $5,100,000. The county estimated that 3 percent of the taxes levied would be uncollectible. As of April 30, 2021, the due date for all property taxes, the county had collected $4,755,000 in taxes. During the current fiscal year, the county collected $57,500 in delinquent taxes and $5,700 in interest and penalties on the delinquent taxes. The county imposed penalties and interest in the amount of $15,400 but only expects to collect $13,250 of that amount. At the end of the fiscal year (June 30, 2021), uncollected taxes, interest, and penalties are reclassified. They are not expected to be collected within the first 60 days for the following fiscal year.
Required
a. Record entries for the above transactions as stated.
b. Prepare journal entries to record the tax levy on July 1, 2020, in the General Fund.
Answers: 3
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On July 1, 2020, the beginning of its fiscal year, Ridgedale County recorded gross property tax levi...
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