Lake City had the following transactions.
July 1, 20X3
Lake City levied $500,000 in property taxes to be paid by its citizens before October 1, 20X3. Estimated uncollectible accounts are 1% of the taxes levied.
July 31, 20X3
During July, $10,000 was collected for licenses and permits.
August 1, 20X3
Received a grant from the state government to pay for a drug enforcement officer for one year. The amount is $50,000 and the officer is to begin on October 1, 20X3.
Required:
Make the necessary journal entries to record the impact of the transactions in the General Fund for the fiscal year ended June 30, 20x4.

Question

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The Answer of Lake City had the following transactions.
July 1, 20X3
Lake City levied $500,000 in property taxes to be paid by its citizens before October 1, 20X3. Estimated uncollectible accounts are 1% of the taxes levied.
July 31, 20X3
During July, $10,000 was collected for licenses and permits.
August 1, 20X3
Received a grant from the state government to pay for a drug enforcement officer for one year. The amount is $50,000 and the officer is to begin on October 1, 20X3.
Required:
Make the necessary journal entries to record the impact of the transactions in the General Fund for the fiscal year ended June 30, 20x4.

Lake City Had the Following Transactions