Exercise 4 (LO 3, 5, 7) Accounting for revenues. The following information concerns tax revenues for the city of Cedar Crest. The balances concerning property taxes on January 1, 20X3, were as follows: Delinquent property taxes receivable.... $135,000 Allowance for uncollectible delinquent taxes .. (40,000) Tax liens receivable ........ .45,000 Allowance for uncollectible tax liens ..(23,000) Prepare entries in the general fund for the following 20x3 events: Jan. Since current property taxes would not be collected for several months, $275,000 was borrowed using tax anticipation notes. Feb. Tax liens of $12,000 were collected; in addition, $2,000 of interest was collected that had not been accrued. The balance of tax liens was settled by receiving $16,000 for the property subject to the tax liens. Apr. Collections on delinquent property taxes were $100,000, and interest of $4,500 was collected. The interest had not been accrued. The balance of the account was converted into tax liens. July Current property taxes were levied for $422,000 with a 5% allowance for uncollectible amounts. Sept. Collection of current property taxes totaled $365,000. The tax anticipation notes were paid off with interest of $18,000