Consider the following events:
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a.A portion of the property tax levied was directly earmarked for, and previously recorded in, the Debt Service fund.Of these property taxes, $6,600 was previously reclassified as delinquent.From the delinquent taxes, $5,000 is now collected, with the balance considered uncollectible.An allowance for uncollectible delinquent of $2,000 existed.?
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b.Previously deferred property taxes amounting to $50,000 will be subjected to collection during the current year.A 4% allowance is to be created to cover uncollectible amounts.?
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c.The state has remitted $45,000 as the municipality's portion of a shared sales tax.No receivable had previously been recorded.The amount is to be used for debt service and is to be recorded directly in that fund.?
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d.The General Fund transferred $80,000 to the Debt Service Fund, $70,000 for serial bond principal retirement, and $10,000 for interest payment.?
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e.A check for $110,000 is sent by the Debt Service Fund to the fiscal agent who handles the principal and interest payments.The amount covers $70,000 for matured bond principal and $40,000 for interest due.?
?f.The fiscal agent later reports that all payments for matured principal and interest mentioned in item e above have been made.

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The Answer of Consider the following events:
?
a.A portion of the property tax levied was directly earmarked for, and previously recorded in, the Debt Service fund.Of these property taxes, $6,600 was previously reclassified as delinquent.From the delinquent taxes, $5,000 is now collected, with the balance considered uncollectible.An allowance for uncollectible delinquent of $2,000 existed.?
?
b.Previously deferred property taxes amounting to $50,000 will be subjected to collection during the current year.A 4% allowance is to be created to cover uncollectible amounts.?
?
c.The state has remitted $45,000 as the municipality's portion of a shared sales tax.No receivable had previously been recorded.The amount is to be used for debt service and is to be recorded directly in that fund.?
?
d.The General Fund transferred $80,000 to the Debt Service Fund, $70,000 for serial bond principal retirement, and $10,000 for interest payment.?
?
e.A check for $110,000 is sent by the Debt Service Fund to the fiscal agent who handles the principal and interest payments.The amount covers $70,000 for matured bond principal and $40,000 for interest due.?
?f.The fiscal agent later reports that all payments for matured principal and interest mentioned in item e above have been made.

Consider the Following Events