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Home Q & A Board Other Fields Homework Help Business Accounting
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goji.go goji.go
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Posts: 5977
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9 years ago
A property owner receives a property tax bill for $4,000 and appeals the assessment. Before he pays the bill, the city reduces his property tax to $3,000. If the city had previously established an allowance for property tax refunds, what entry should it make to record the reduction?
      a.   Revenues - property taxes      3,000
            Property taxes receivable         3,000
      b.   Revenues - property taxes      1,000
            Property taxes receivable         1,000
      c.   Allowance for property tax refunds   1,000
            Property taxes receivable         1,000
      d.   Tax liens receivable      1,000
            Property taxes receivable         1,000
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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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