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Example 5 City X levied property taxes of $500,000 for 2015. Approximately 4% were considered to be uncollectible. During 2015, $400,000 of the taxes were
Example 5 City X levied property taxes of $500,000 for 2015. Approximately 4% were considered to be uncollectible. During 2015, $400,000 of the taxes were collected. The remaining collectible amount was expected to be collected evenly over the first 5 months of 2016. Required: Prepare all the entries for 2015
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