Question: Which entry below would properly record the levy (not the collection) of $10,000 of property tax, assuming that the city includes in its entry
Which entry below would properly record the levy (not the collection) of $10,000 of property tax, assuming that the city includes in its entry a 4% allowance for uncollectible accounts? a. Debit Cash $10,000 Credit Revenue - Property tax $10,000 b. Debit Property Tax Receivable $10,000 Credit Revenue-property tax $10,000 c. Debit Property Tax Receivable $10,000 Credit Allowance for Uncollectible Accounts $ 400 Credit Revenue - Property tax $9,600 d. Debit Expenditures - uncollectible accounts $ 400 Debit Property Tax Receivable $10,000 Credit Allowance for Uncollectible Acounts $ 400 Credit Revenue - property tax $10,000
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