Journal Entries. Prepare the journal entries necessary in the fund-based and government-wide journals to record each of the following transactions. Be sure to indicate to which fund your entry(ies) apply in the fund-based journal and the type of activity (GT = governmental-type activities, BT = business-type activities) in the government-wide journal. Additionally, if the entry is the same at the government-wide level, indicate this with “SAME” and if no entry applies then indicate with “NE”. If a transaction results in multiple entries, YOU SHOULD INDICATE CLEARLY WHETHER EACH ENTRY IS CHANGED, THE SAME, OR RESULTS IN NO ENTRY. (5 points each)
(1) During January, property owners were billed for $3,000,000 in property taxes for the current tax years’ levy. Of this amount, 4% is estimated to be uncollectible.
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