The City of Newark, New Jersey assessed property taxes on July 1, 2021 for $10,000,000.
Citizens were to pay the first of three installments of property taxes as follows:
August 1, 2021 - $4,000,000
November 1, 2021 - $4,000,000
February 1, 2022 - $2,000,000
NOTE: All Cash is going into the GENERAL FUND
REQUIRED:
1. Prepare the original Journal Entry on July 1, 2021.
2. Prepare the BALANCE SHEET as of July 1, 2021 for the Fund Based Financial Statements.
3. Prepare the BALANCE SHEET as of October 31, 2021 for the Fund Based Financial Statements.

Answer rating: 100% (QA)

1 Original Journal Entry on July 1 2021 markdown Date Account Titles Debit Credit July 1 2021 Proper... View the full answer