During the year ended December 31, 2021, the Village of Iceberg had the following transactions related to its general fund revenues:

• In January, property taxes of $3,756,000 were levied, 100% of which were estimated to be collectible. Property tax bills were sent to property owners in March with instructions to pay 50% of the property taxes in May and the remaining 50% in November. During 2021, the Village received

5. $1,860,000 of property taxes in May;
6. An additional $1,852,000 of property taxes in November.
7. Property taxes not collected in 2021 are expected to be collected in 2022 as follows:
   • $21,000 from January 1 to January 31;
   • $13,000 from February 1 to March 1, and
   • $10,000 after March 1.

Required:

1. Make the journal entry related to the property tax levy for 2021.
2. What is the balance of property taxes receivable at December 31, 2021?

What is property tax revenue for 2021?

Month Accounts Debits Credits

March levy

B.

C.