During the year ended December 31, 2021, the Village of Iceberg had the following transactions related to
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Question:
During the year ended December 31, 2021, the Village of Iceberg had the following transactions related to its general fund revenues:
- In January, property taxes of $3,756,000 were levied, 100% of which were estimated to be collectible. Property tax bills were sent to property owners in March with instructions to pay 50% of the property taxes in May and the remaining 50% in November. During 2021, the Village received
$1,860,000 of property taxes in May;
An additional $1,852,000 of property taxes in November.
- Property taxes not collected in 2021 are expected to be collected in 2022 as follows:
- $21,000 from January 1 to January 31;
- $13,000 from February 1 to March 1, and
- $10,000 after March 1.
Required:
- Make the journal entry related to the property tax levy for 2021.
- What is the balance of property taxes receivable at December 31, 2021?
What is property tax revenue for 2021?
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood
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