Advanced Accounting II Chapter 17 Introduction to Fund Accounting Problem 1. The following selected account balances for the City of Hampton on January 1, 2015 are listed below: $34,000 Delinquent Taxes Receivable Allowance for Uncollectible Delinquent Taxes 11,000 Cr. Tax Liens Receivable 12,000 Dr. 5,000 I cr. I Allowance for Uncollectible Tax Liens Instructions Record the following transactions that occurred during 2015: a. Current property taxes are levied at $750,000 with a 4% allowance for uncollectible property taxes. b. Property to which tax liens apply is sold for $6,000 and the account is closed. C. Current property taxes are collected in the amount of $702,000. d. Previous delinquent property taxes are converted to tax liens and the current uncollected property taxes are considered delinquent