(Entries to prepare government-wide statements - property tax revenue deferral)
When it prepared its financial statements for
calendar year 2012, Watson Town assumed that it would collect all unpaid property taxes during the first 60 days of 2013 . As a result, no deferred revenues were reported. The following facts pertain to the property tax revenues for calendar years 2013 and 2014 . Make adjusting entries needed to prepare both the fund-level and the government-wide financial statements for 2013 and 2014 . Watson Town does not record deferred revenues until it makes end of the year adjustments.
2013 2014
Tax levy 700,000 730,000
Taxes collected in cash from the year's levy 670,000 690,000
Taxes expected to be collected in first
60 days of the following year 22,000 29,000
Taxes expected to be collected later in
the following year 8,000 11,000
Assume that all taxes expected to be collected in the following year were actually collected when expected. Also assume that all journal entries to record the tax levy, tax collections and so on were made, as appropriate.
What will be an ideal response?
Question 2
A typical account number for a contra-account would be
a. 185.
b. 185.c.
c. 185.1.
d. 185.contra.
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