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derro derro
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Selected transactions for the Jackson Independent School District are presented below. All amounts are in thousands of dollars.

1.   On January 1, the school district levied property taxes of $8,000. The due date for the taxes is March 31. The school district expects to collect all except $200 either by the end of the fiscal year or within 60 days thereafter. The other $200 is expected to be uncollectible.
2.   During the first quarter (ending March 31) the school district collected $6,800 of its current year's property taxes. The rest of the taxes are past due.
3.   On June 12, the school district wrote off $88 of property taxes as uncollectible.
4.   From March 31 to December 31 the school district collected $700 of the property taxes that were levied on January 1. The school district expects to collect an additional $300 of these taxes during the first two months of the next fiscal year.

Instructions: Prepare the necessary journal entries. Dates and explanations may be omitted. If a transaction requires no entry, do not leave it blank: state “No Entry Required” and explain why.

 
Textbook 
Governmental and Nonprofit Accounting

Governmental and Nonprofit Accounting


Edition: 11th
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bio_manbio_man
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