Selected transactions for the Jackson Independent School District are presented below. All amounts are in thousands of
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Question:
Selected transactions for the Jackson Independent School District are presented below. All amounts are in thousands of dollars.
- On January l, the school district property taxes of $8,000. The due date for the taxes is March 31. The district expects to collect except $200 either by the end of the fiscal or within 60 days thereafter. The Other $200 is expected to be uncollectible.
- During the first quarter (ending March 31) the school district collected $6,800 of its current property taxes. The rest of the taxes are past due.
- On June 12, the school district wrote off property taXOS as uncollectible.
- From March 31 to 31 the school district collected $700 Of the property taxes that were levied on January l. The school district expects to an additional $300 of these during the first two month of the next fiscal year.
Instructions:
Prepare the necessary journal entries. Dates and explanations may be omitted. If a transaction requires no entry, do not it leave blank: state "No Entry Required” and explain Why.
Related Book For
Operations and Supply Chain Management
ISBN: 978-0078024023
14th edition
Authors: F. Robert Jacobs, Richard Chase
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