General fund and governmental activities journals


Cash was received during the year in the total amount of $3,469,420 for collections from the following receivables and cash revenues, as indicated:

Current Property Taxes $1,546,800
Delinquent Property Taxes 360,000
Interest and Penalties Receivable on Taxes 34,270
Due from State Government 125,000
Revenues: (total: $1,403,350)
Licenses and Permits 576,920
Fines and Forfeits 423,360
Intergovernmental 168,000
Charges for Services 235,070
Total $3,469,420

Required: Record the receipt of cash and the related credits to receivables and revenues accounts, as applicable, in both the General Fund and governmental activities journals.

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: General fund and governmental activities journals
Reference No:- TGS046345

Expected delivery within 24 Hours