(Receivables-subsidiary and control accounts) The city council of New Nutley estimated that revenues of $95,000 would be collected for the General Fund. The sources and amounts would be as follows:

The city has four taxpayers, whose shares of the tax levy are as follows:

All of the taxpayers paid their property taxes on time and in full. Other collections throughout the year were as follows:

Required: Prepare journal entries to record the following:
1. The entry of the budgeted revenues into the accounts 2. The setting up of the receivable, using a subsidiary account for each taxpayer 3. The collection of the taxes 4. The collection of the other revenues

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Property taxes $80,000 Parking meters Fines and penalties 10,000 5,000