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Assume that a city's general fund has the following beginning account balances at 1/01/20X6: Property Taxes Receivable-Delinquent Allowance for Delinquent Taxes Receivable (credit balance) $400,000 (80,000) The following events and transactions occurred during 20X6: 1. A city records a property tax levy of $1,000,000 for 20X6. It is estimated that 5% will not be collected. 2. Collections during 20X6
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Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III