Bounty County Had the Following Transactions in 2014

question 11

Essay

Bounty County had the following transactions in 2014.
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:

Business Plans

Detailed documents that outline the goals of a business, the strategy for achieving those goals, and the expected financial performance.

Operational Planning

The process of planning strategic goals and objectives to tactical goals and objectives. It describes milestones, conditions for success, and explains how, or what portion of, a strategic plan will be put into operation during a given operational period.

Financial Performance

An analysis of a company's ability to generate income from its operations over a certain period of time.

Cash Requirements

The amount of cash a company needs to meet its immediate and short-term obligations or to complete a transaction.