Business, 06.05.2020 02:07, faithrawlins14

The Edward City Council approved and adopted the budget for its general fund for the fiscal year beginning on January 1, Year 2. The budget contained the following amounts:

Estimated revenues $4,900,000
Appropriations 4,780,000

On November 1, Year 1, Edward City levied property taxes of $4,150,000 for the fiscal year beginning January 1, Year 2. It estimated that $25,000 will be uncollectible. Any payment of property taxes received during the discount period receives a 20% discount. During the discount period between the levy (October 15, Year 1) and the date (December 1, Year 1) that the levy became a legally enforceable claim, the city received $120,000 from property owners.

For each date below, select from the list provided the general fund accounts debited and credited for the journal entries for this property tax levy.
To prepare each required journal entry:

a. What is the journal entries for November 1, Year 1, if any?
b. What is the journal entries for November 30, Year 1, if any?
c. What is the journal entries for December 1, Year 1, if any?
d. What is the journal entries for January 1, Year 2, if any?

Answers: 1

Show answers

Other questions on the subject: Business

Business, 22.06.2019 06:00, Wocking310

Transactions on april 1 of the current year, andrea byrd established a business to manage rental property. she completed the following transactions during april: opened a business bank account with a deposit of $45,000 from personal funds. purchased office supplies on account, $2,000. received cash from fees earned for managing rental property, $8,500. paid rent on office and equipment for the month, $5,000. paid creditors on account, $1,375. billed customers for fees earned for managing rental property, $11,250. paid automobile expenses for month, $840, and miscellaneous expenses, $900. paid office salaries, $3,600. determined that the cost of supplies on hand was $550; therefore, the cost of supplies used was $1,450. withdrew cash for personal use, $2,000. required: 1. indicate the effect of each transaction and the balances after each transaction: for those boxes in which no entry is required, leave the box blank. for those boxes in which you must enter subtractive or negative numbers use a minus sign. (example: -300)

Answers: 1

continue

Business, 22.06.2019 06:20, kingyogii

At a small store, a customer enters the front door on average every 8 minutes. a prior study indicated that the time between customers entering the front door during weekdays follows an exponential distribution. what is the probability that the time between customers entering the store on a weekday will be less than or equal to 7? select one: a. 62 b. 43 c. 1/8 d. 7/8 e. 58

Answers: 1

continue

Business, 22.06.2019 10:30, AriaMartinez

Describe three scenarios in which you might utilize mathematics to investigate a crime scene, accident scene, or to make decisions involving police practice. be sure to explain how math is used in police as they work through each scenario.

Answers: 1

continue

Business, 22.06.2019 11:00, pum9roseslump

While on vacation in las vegas jennifer, who is from utah, wins a progressive jackpot playing cards worth $15,875 at the casino royale. what implication does she encounter when she goes to collect her prize?

Answers: 1

continue

Do you know the correct answer?

The Edward City Council approved and adopted the budget for its general fund for the fiscal year beg...