On July 1, 2005, property taxes totaling $480,000, of which 112% was estimated to be uncollectible, were
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On July 1, 2005, property taxes totaling $480,000, of which 11⁄2% was estimated to be uncollectible, were levied by the County of Larchmont Special Revenue Fund. Property taxes collected by the Special Revenue Fund during July 2005 totaled $142,700.
Prepare journal entries for the County of Larchmont Special Revenue Fund for the foregoing transactions and events.
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