Assume that a town purchases $12,000 of supplies on account…

Assume that a town purchases $12,000 of supplies on account toward the end of the year. A year-end audit reveals that $3,000 of the inventories remain unused. Assuming that the consumption method is used, the town’s actuals ledger closing entry will include:

During the current year, Badger County levied $3,000,000 in…

During the current year, Badger County levied $3,000,000 in property taxes, 1% of which is expected to be uncollectible. During the year, the county collected $2,700,000. Badger County expects to collect the remaining amounts owed more than 60 days after the close of its fiscal year. What amount should Badger County report as deferred property tax revenue in its General Fund balance sheet for the current year?