1. A city levies property taxes of $1,050,000, but believes that it will not be able to...

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1. 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. Debit Property taxes receivable 1,000,000; Credit Revenues - property taxes 1,000,000

b. Debit Revenues - property taxes 50,000; Allowance for uncollectible taxes 50,000.

c. Debit Allowance for uncollectible taxes 50,000; Credit Revenues - property taxes 50,000

d. Debit Property taxes receivable 1,050,000; Credit Allowance for uncollectible taxes 50,000, Revenues-property taxes 1,000,000

Related Book For answer-question

Government and Not for Profit Accounting Concepts and Practices

ISBN: 978-1118155974

6th edition

Authors: Michael H. Granof, Saleha B. Khumawala

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Posted Date: Jan 14, 2021 09:17 AM

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1. A city levies property taxes of $1,050,000, but believes that it will not be able to...

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Government and Not for Profit Accounting Concepts and Practices

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