(Receivables)

The city council of Tabiona budgeted revenues of $100,000 from the following sources:

The city has three property owners, whose tax bills are as follows:

During the year, all property owners paid their taxes on time and in full.
Collections from other sources of revenue were:

Assume that appropriations amount to $100,000.
Required: Using a one-step breakdown (e.g., Revenues—income taxes), prepare the following:
1. Budgetary entry 2. Entry to set up receivable accounts for property taxes 3. Entry or entries to record the collection of revenues 4. Entry to close out the revenue accounts

Transcribed Image Text:

Property taxes Fines and penalties Service charges $ 60,000 30,000 10,000 $100,000