Idaho Falls maintains its books and records in a manner that facilitates the preparation of fund financial statements. Prepare all necessary journal entries to record the following events for the year ended December 31, 2014. Pre pare a schedule listing the revenues for property taxes, sales tax, grants, fines, fees for 2014.
a. On January 2, 2014 the city council levied property taxes of $2 million to support general government operations, due in two equal installments on June 20 and December 20,2014. The property taxes were levied to finance the 2014 budget, which had been adopted on November 3, 2013. Historically 2 percent of property taxes are uncollectible. The city follows the GAAP using the +60-day rule for property tax revenue recognition.
b. The city collected the following amounts related to property taxes
Delinquent 2013 taxes collected in January 2014 $ 50,000
Delinquent 2013 taxes collected in March 2014 $ 40,000
2014 taxes collected in June 2014 $ 2,000
2014 taxes collected in December 2014 $ 900,000
Delinquent 2014 taxes collected in January 2015 $ 30,000
Delinquent 2014 taxes collected in March 2015 $ 20,000
c. Property taxes due in 2014 but uncollected by the December due date were reclassified as delinquent.
d. $5,000 of 2012 taxes were written off during 2014.
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