Cash was received during the year in the total amount of $5,584,052 for collections from the following
Question:
Cash was received during the year in the total amount of $5,584,052 for collections from the following receivables and cash revenues, as indicated:
Current Property Taxes $1,561,535
Delinquent Property Taxes 335,000
Interest and Penalties Receivable on Taxes 34,270
Due from Other Funds/Internal Receivables 12,000
Due from State Government 165,000
Revenues: (total: $3,476,247)
Sales Taxes 1,981,203
Licenses and Permits 601,314
Fines and Forfeits 410,660
Intergovernmental 160,000
Charges for Services 231,820
Miscellaneous 91,250
Total $5,584,052
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. (Select “Received in Cash” in the drop down [Transaction Description] menu in the Detail Journal related to the General Fund revenue entries.)
For purposes of the governmental activities entries at the government-wide level assume the following revenue classifications:
General Fund Governmental Activities
Sales Taxes General Revenues—Taxes—Sales
Licenses and Permits Program Revenues—General Government—
Charges for Services
Fines and Forfeits Program Revenues—General Government—
Charges for Services
Intergovernmental Program Revenues—Public Safety—Operating
Grants and Contributions
Charges for Services Program Revenues—General Government—
Charges for Services, $143,850
Program Revenues—Culture and Recreation—
Charges for Services, $87,970
Miscellaneous General Revenues—Miscellaneous
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely