The General Fund of Elm City received a property tax distribution of $294,000 from the county treasurers
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Question:
The General Fund of Elm City received a property tax distribution of $294,000 from the county treasurer’s property tax custodial fund on June 15, 2021. The remittance was net of the county treasurer’s 2% collection fee.
- In the journal entry made in the general fund of Elm City to record the property tax distribution, “revenues-property taxes” should be credited for $300,000.
- In the journal entry made in the general fund of Elm City to record the property tax distribution, “expenditures-general government” should be debited for $6,000.
Expert Answer:
The Journal entry for property tax distribution is Accounts Head Debit Credit Cash 294000 a... View the full answer
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