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.

---

Definitions:

Entire Industry

The comprehensive scope of businesses and organizations involved in the production, distribution, and sale of goods and services within a particular sector.

On-The-Job Training

A form of training occurring while an employee is performing their job tasks, involving hands-on experience to learn various skills necessary for their role.

Projecting Sales

The process of estimating future sales volumes based on historical data, market analysis, and sales trends.

Employee Training

The organized activity aimed at imparting information and/or instructions to improve the recipient's performance or to help him or her attain a required level of knowledge or skill.