General fund journal entries (property taxes) The following events and transactions relate to the levy and collection of property taxes for Jedville Township: March 21, 2011-Property tax bills for $2,500,000 are sent to property owners. An estimated 2% of the property tax levies are uncollectible. The taxes are due on May 1. May 4, 2011-$1,900,000 in taxes have been collected. The remaining receivables are reclassified as delinquent. May 5 to December 31, 2011-An additional $150,000 of taxes are collected. November 1, 2011-A $5,000 tax receivable account is determined to be uncollectible and is written off. January 1, 2012, to February 28, 2012-An additional $87,750 of 2011 taxes are collected.

General fund journal entries (property taxes) The following events and transactions relate to the levy and collection of property taxes for Jedville Township: March 21, 2011-Property tax bills for $2,500,000 are sent to property owners. An estimated 2% of the property tax levies are uncollectible. The taxes are due on May 1. May 4, 2011-$1,900,000 in taxes have been collected. The remaining receivables are reclassified as delinquent. May 5 to December 31, 2011-An additional $150,000 of taxes are collected. November 1, 2011-A $5,000 tax receivable account is determined to be uncollectible and is written off. January 1, 2012, to February 28, 2012-An additional $87,750 of 2011 taxes are collected.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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