(Receivables)

The city council of Llanerch has budgeted property tax revenues of $10,000 for FY 2004. The city has four property owners, whose property tax levies are as follows:

: During the year, each of these property owners paid his or her taxes in full and on time. The city uses a one-step breakdown when recording revenues (e.g., Property taxes receivable—Baker).
Required: Prepare journal entries to record setting up the receivable for property taxes due and the payment of the property taxes.

Transcribed Image Text:

Able $4,000 Baker 3,000 Charles 2,000 Delta 1,000 $10,000