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goji.go goji.go
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Posts: 5977
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9 years ago
A city levies property taxes of $1,050,000, but believes that it will not be able to collect $50,000 of those taxes.  What entry should it make when the taxes are levied?
      a.   Property taxes receivable       1,050,000                  Allowance for uncollectible taxes      50,000
            Revenues - property taxes         1,000,000
      b.   Revenues - property taxes      50,000
            Allowance for uncollectible taxes      50,000
      c.   Property taxes receivable      1,000,000
            Revenues - property taxes           1,000,000
      d.   Allowance for uncollectible taxes      50,000
            Revenues - property taxes          50,000
      e.   No entry is required because cash has not yet been received.
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Diesel
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Answer accepted by topic starter
f_zah1f_zah1
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9 years ago
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goji.go Author
wrote...
#2
9 years ago
Thanks so much f_zah1.

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