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goji.go goji.go
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Posts: 5977
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10 years ago
A city uses the allowance method to provide for uncollectible property taxes. At the start of the year, the city established an allowance of $100,000 for uncollectible taxes. During the year, it wrote off $80,000 as uncollectible. At year-end, the city still has some uncollected taxes, but believes it will need an allowance of only $15,000 to cover any receivables that it may need to write off as uncollectible. What adjusting entry should it make?   
      a.   Revenues - property taxes       5,000                  Allowance for uncollectible property taxes      5,000
      b.   Revenues - property taxes      15,000
            Allowance for uncollectible property taxes      15,000
      c.   Allowance for uncollectible property taxes   15,000
            Property taxes receivable           15,000
      d.   Allowance for uncollectible property taxes   5,000
            Revenues - property taxes          5,000
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Diesel
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Answer accepted by topic starter
f_zah1f_zah1
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10 years ago
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goji.go Author
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#2
10 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
wrote...
#3
10 years ago
You're very welcome!
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