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Prepare all necessary journal entries to record the events

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Question - Begonia City maintains its books and records in a manner that facilitates the preparation of fund financial statements. Prepare all necessary journal entries to record the following events related to property tax revenues for the year ended December 31, 2023. The city has adopted the 60-day rule for property tax revenue recognition.

a. On January 3, 2023 the city council levied property taxes of $2 million to support general government operations, due in two equal installments on June 20 and December 20, 2023. The property taxes were levied to finance the 2023 budget, which had been adopted on November 3, 2022. Historically 2 percent of property taxes are uncollectible.

b. The city collected the following amounts related to property taxes

Delinquent 2022 taxes collected in January 2023 $ 22,000

Delinquent 2022 taxes collected in March 2023 $ 25,000

2023 taxes collected in June 2023 $ 1,080

2023 taxes collected in December 2023 $ 800,000

Delinquent 2023 taxes collected in January 2024 $ 20,000

Delinquent 2023 taxes collected in March 2024 $ 30,000

c. Property taxes due in 2023 but uncollected by the December due date were reclassified as delinquent.

d. $4,000 of 2015 taxes were written off during 2023.

Reference no: EM133126469

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