i. A in nrumicipality uses the allowance method to record uncolectible property taxes If it decides to w a debit bad debts expenditures; credit allowance eount as uncollectible, it should for uncollectible pr h debit allowance for uncollectible property taxes; credit property taxes d. debi t property tax revenues; credit property taxes receivable Aity levies property taxes of Ss1,050,000, but believes that it will not be able to collect S50,000 of those taxes. levied 12. What entry should it make when the taxes are 1,050,000o 50,000 a. Property taxes receivable Allowance for uneollectible taxes Revenues- property taxes 1,000,000 50,000 1,000,000 50,000 50,000 b. Revenues property taxes Allowance for uncollectible taxes Property taxes receivable 1,000,000 c. Revenues property taxes Allowance for uncollectible taxes Revenues - property taxes d. 50,000 e. No entry is required because cash has not yet been received 13. At the beginning of the year 2013, a town recorded General Fund property tax receivables of $600,000. By year-end (December 31), taxpayers had paid a total $575,000. Based on previous experience, the town expected to collect the $25,000 of delinquent taxes as follows: $10,000 in January and February of 2014 and $15,000 between March and August of 2014. How much should the town report as property tax revenue in its General Fund statements for the year 2013? a. $585,000 b. $600,000 c. $590,000 d. $575,000 14. Which of the following best describes the general principle for recognizing property tax revenues in the General Fund? a. They should be recognized in the current period to the extent that cash is collected b. They should be recognized for the entire amount levied for the current period, regardless of when they are collected in cash They should be recognized in the current period, less appropriate c. allowances for uncollectible accounts, tax refunds, and discounts d. They should be recognized in the current period to the extent collected and also if collected early in the following year