Question

I'm getting confused on how to post to the government activities general journal Cash was received...

I'm getting confused on how to post to the government activities general journal

Cash was received during the year in the total amount of $3,399,599 for collections from the following receivables and cash revenues, as indicated:

                        Current Property Taxes                                      $1,561,535

                        Delinquent Property Taxes                                      235,000

                        Interest and Penalties Receivable on Taxes              34,270

                        Due from State Government                                    165,000

                        Revenues: (total: $1,403,794)

                              Licenses and Permits                                         601,314

                              Fines and Forfeits                                              410,660

                              Intergovernmental                                             160,000

                              Charges for Services                                         231,820

                                    Total                                                        $3,399,599

                       

Required: Record the receipt of cash and the related credits to receivables and revenues accounts, as applicable, in both the General Fund and governmental activities journals. (Select “Received Cash” in the drop down [Transaction Description] menu in the Detail Journal related to the General Fund revenue entries.)

For purposes of the governmental activities entries at the government-wide level assume the following revenue classifications:

        General Fund                                  Governmental Activities                      

        Licenses and Permits        Program Revenues—General Government—

                                                           Charges for Services

        Fines and Forfeits             Program Revenues—General Government—

                                                           Charges for Services

        Intergovernmental            Program Revenues—Public Safety—Operating

                                                           Grants and Contributions

      Charges for Services       Program Revenues—General Government—

                                                          Charges for Services, $143,850

                                                  Program Revenues—Culture and Recreation—

                                                           Charges for Services, $87,970

Homework Answers

Answer #1
Sr No. Account Details
(1) Cash 19,95,805
Property tax-current 15,61,535
Property Tax-Delinquent 2,35,000

Interest and Penalities

Receivalble on Taxes

34,270

Due From State

Governments

1,65,000
To record the receipt of cash

(2) Accounting of cash receipt of revenue

Sr Account Details Debit Credit
(1) Cash 14,03,794
License and Permits 6,01,314
Fines and Forefits 4,10,660
Inter-Government revenue 1,60,000
Charges of Services 2,31,820
To record the receipt of cash against revenue
To record the receipt of cash
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