Question

TBSFCO0343 General Fund Revenues

Event 1 - The Blake County commissioners pass a property tax levy totaling $5,100,000. Based on prior year collection rates, it is estimated that $100,000 in property taxes will be uncollectible.

Event 2 - During 2011, the general fund of Blake County collected $405,000 in licenses and permits.

Problem 1.

Event 1: The Blake County commissioners pass the property tax levy and taxpayers are billed for property taxes.

For each general fund account listed below, indicate whether the account will be debited, credited, or is not affected by this event. Click in the associated cell and select the appropriate answer.

Account Title Debit/Credit/Not Affected

Allowance for Uncollectible Taxes

Appropriations (Control)

Bad Debt Expense

Cash

Estimated Reveunes (Control)

Property Tax Receivable

Revenues (Control)

Please answer if the account is debited, credited, or not affected.

Problem 2.

Event 2: The general fund collects license and permits.

For each general fund account listed below, indicate whether the account will be debited, credited, or is not affected by this event. Click in the associated cell and select the appropriate answer.

Account Title Debit (Y/N) Credit (Y/N)

Allowance for Uncollectible Taxes

Appropriations (Control)

Bad Debt Expense

Cash

Estimated Reveunes (Control)

Property Tax Receivable

Revenues (Control)

Please answer if the account is Debited yes or no and if the account is Creditied yes or no.

Answer 1

Problem 1

Allowance for Uncollectible Taxes- Debited with the amount that will not be received.

Appropriations (Control)- No effect

Bad Debt Expense- No effect

Cash- Debited with the amount actually received

Estimated Reveunes (Control)- No effect

Property Tax Receivable- Debited with the amount to be received

Revenues (Control)- Credited with the total tax demand issued

Problem 2

Allowance for Uncollectible Taxes- No effect

Appropriations (Control)- No effect

Bad Debt Expense- No effect

Cash- Debited with the amount actually received

Estimated Reveunes (Control)- No effect

Property Tax Receivable- No effect

Revenues (Control)- Credited with the total tax actually collected