Bounty County Had the Following Transactions in 2011

question 7

Essay

Bounty County had the following transactions in 2011.
1.The budget for the county was approved,showing estimated revenues of $320,000 from local income taxes,and total estimated expenditures of $316,000.
2.Tax bills were mailed amounting to $326,000,which are due in 60 days.All but 2% was expected to be collectible.
3.Taxes collected prior to the due date amounted to $260,800.The balance was delinquent.
4.$4,200 of taxes due were determined to be uncollectible and written off.
5.The year-end books were closed,with the expectation that the remaining taxes due would be collected evenly over the first two months after the fiscal year end.
Required:
Prepare the journal entries for the General Fund for the transactions.

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Definitions:

Consistent

In mathematics, systems of equations are considered consistent if they have at least one set of solutions.

Consistent

In mathematics, particularly in systems of equations, it refers to a system that has at least one solution.

Inconsistent

A term describing systems of equations that have no solution, as their lines or planes do not intersect.

Solutions

The values or sets of values that satisfy the conditions of an equation or inequality.