Current taxes receivable uncollected at year-end, and the related Allowance for Uncollectible Current Taxes account, were both reclassified as delinquent. Of the amount classified as delinquent it was determined $87,010 would not be collected within 60 days of the fiscal year end and would therefore be unavailable for use in the current period. As a result, this amount was reclassified as deferred inflows of resources.

Required: 

Record the reclassification of the current taxes receivable and related allowance for uncollectible account in the General Fund and governmental activities journals. Reclassify $87,010 of property tax revenue to the Deferred Inflows of Resources account in the General Fund journal only. 

Answer rating: 100% (QA)

In Governmental fund financial statements are reported using the current financial resources measure... View the full answer