Either of the first two statements would fulfill the requirements. itu t b a major Question 20 (4 points) Property taxes are levied for $2,000,000 with 2% assumed uncollectible. What is the journal entry that is needed at the time of the levy? 12 O Debit Taxes Receivable $2,000,000, Credit Allowance for uncollectible taxes $40,000. Credit Property Tax Revenues $1,960,000 Debit Taxes Receivable $2,040,000, Credit Allowance for uncollectible taxes $40,000. Credi Property Tax Revenues $2,000,000 Debit Taxes Receivable $2,040,000, Credit Property Tax Revenues $2,040,000 Debit Taxes Receivable $2,000,000, Credit Property Tax Revenues $2,000,000