The Jackson Independent School District began the year with the following accounts on its Balance Sheet related
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Question:
The Jackson Independent School District began the year with the following accounts on its Balance Sheet related to property taxes all amounts are in thousands of dollars All accounts have normal balances:
Taxes Receivable Delinquent $
Allowance for Uncollectible Taxes Delinquent $
Penalties and Interest Receivable $
Allowance for Uncollectible Penalties and Interest $
Deferred Revenues $ Taxes, $ Penalties and Interest $
Selected transactions for the Jackson Independent School District are presented below.
On January the school district levied property taxes of $ The due date for the taxes is March Taxes are considered delinquent after that date. The school district expects to collect all but of the levy. In addition, the district offers a discount if the taxes are paid by February The district expects of the tax to qualify for the discount.
Between January and February the district collected $ of the taxes due. Of this amount, $ was due in the preceding fiscal year. The district also collected $ of penalties and interest during the same time period.
During March, an additional $ of receivables were collected. Of this amount, $ were for the preceding fiscal year. Also during March, $ of penalties and interest were collected.
On April the balance of the current year taxes is past due. A penalty and in interest was immediately assessed on the delinquent debt. It is estimated that $ of the total interest and penalties will prove uncollectible.
On June the school district wrote off $ of property taxes, $ in penalties, and $ in interest as uncollectible.
From March to December the school district collected $ of the property taxes that were levied on January $ in penalties, and $ in interest. The school district expects to collect an additional $ of property taxes and $ of penalties and interest during the first two months of the next fiscal year.
Requirements
Prepare the necessary journal entries. Dates and explanations may be omitted. If a transaction requires no entry, do not leave it blank: state No Entry Required and explain why.
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