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Record the entry to reclassify the net receivable

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Question

During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes:

Levied property taxes of $6,600,000, of which 2 percent is estimated to be uncollectible.

Collected current property taxes amounting to $5,975,000.

Collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year.

Imposed penalties and interest in the amount of $7,500 but only expects to collect $6,200 of that amount.

Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year.

Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year.

5b. Record the entry to reclassify the net receivable, interest and penalties. as deferred inflow of resources.

Debit - Revenues (not sure how much.)

Credit - Deferred Inflows of Resources-Unavailable Revenues (not sure how much.)

Just trying to figure out how to calculate these two journal entries.

Reference no: EM132378984

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