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KẾ TOÁN CÔNG

GENERAL FUND JOURNAL ENTRIES(PROPERTY TAXES)

GVHD: TS. Ph m Quang Huyạ

Tr ình bày: Nhóm 1

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Nguyễn H!ng G"#ng

Nguyễn T$% &u'n$ H#Nguyễn T$% Ng* O#n$

Nguyễn T$% K"+ P$,*

Nguyễn T$% T$-y P$.ng

/0 T$% H1ng /"

Nguyễn T$% T$#n$ H#

L# Ng* 2"n$ T$u3n

T45n T$% H6" T$!ng

TH7NH /I8N9

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The following events and transactions relate to the levy and

collection of propefi taxes for ledville Township:

• March 21, 2014-Property tax bills for 2,!00,000 are sent to

 property owners" #n esti$ated 2% of the property tax levies are

&ncollectible" The taxes are d&e on May 1"

• May 4, 2014-1,'00,000 in taxes have been collected" The

re$aining receivables are reclassified as delin(&ent"

• May ! to )ece$ber *1, 2014-#n additional 1!0,000 of taxes are

collected"•  +ove$ber 1,2014-#!,000 tax receivable acco&nt is deter$ined to

 be &ncollectible and is written off"

• an&ary 1, 201!, to ebr&ary 2., 201!-#n additional ./,/!0 of

2014 taxes are collected"

G:n:4#; u4n#; :n?4":@ (4:4?y ?#B:@)

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•

RE&UIRED1" Prepare s&$$ary o&rnal entries for the events and

transactions described for the edville general f&nd"

2" ow will property taxes be presented in the)ece$ber *1, 2014, balance sheet

*" 3hat a$o&nt of property tax reven&es sho&ld be

reported for 2014

G:n:4#; u4n#; :n?4":@ (4:4?y ?#B:@)

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March 21, 2014-Property tax ";;@ for aresent to property owners" #n :@?"+#?:=  of the property tax levies are un*;;:*?";:" The taxes are d&e

on May 1"

• 2#4*$

Taxes receivable c&rrent 2,!00,000#llowance for &ncollectible c&rrent taxes !0,000

5even&e 2,4!0,000

This entry assumes that 2% of property tax levies are not collectible andthat the rest of the taxes will be collected either during the current year or

within not more than 60 days thereafter it recognizes revenue for 98% of

the amount billed

!ncollectible taxes are revenue ad"ustments

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• 2#y

6ash 1,'00,000

Taxes receivable c&rrent 1,'00,000To record collection of current property taxes

Taxes receivable delin(&ent 700,000

#llowance for &ncollectible c&rrent taxes !0,000

Taxes receivable c&rrent 700,000

#llowance for &ncollectible delin(&ent taxes !0,000

To reclassify uncollected taxes as delin#uent

May 4, 2014 - in taxes have been *;;:*?:="The re$aining receivables are 4:*;#@@"

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• 2#y D:*:+:4

6ash 1!0,000

Taxes receivable delin(&ent 1!0,000

To record collection of past $ due taxes

May ! to )ece$ber *1, 2014 - #n additional of taxes are *;;:*?:="

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• NQ:+:4

#llowance for &ncollectible taxes 8 delin(&ent !,000

Taxes receivable delin(&ent !,000

To write off tax receivable determined to be uncollectible

 +ove$ber 1,2014 #  tax receivable acco&nt isdeter$ined to be &ncollectible and is 4"??:n

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H ";; 4:4?y ?#B:@ : 4:@:n?:= "n ?$:D:*:+:4 #;#n*: @$::?V

J:=Q";;: Tn@$"

Partial 9alance heet

)ece$ber *1, 2014

A@@:?@

Taxes receivable 8 delin(&ent 400,000

;net of 4!,000 esti$ated &ncollectible taxes<

* + 600(000$ .0(000 $ .(000 $ &.(000/

 

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H ";; 4:4?y ?#B:@ : 4:@:n?:= "n ?$:D:*:+:4 #;#n*: @$::?V

J:=Q";;: Tn@$"Partial 9alance heet

)ece$ber *1, 2014

A@@:?@6ash 2,0!0,000

Taxes receivable 8 delin(&ent ;net< 400,000

L"#";"?":@ #n=

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W$#? #+un? < 4:4?y ?#B 4:Q:nu:@ @$u;= :4:4?:=

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