Question
(( i need new answers pllz - the subject is Goverment nonprofit Accountant )) Question no 4- Prepare entries to record the following transactions and
(( i need new answers pllz - the subject is Goverment nonprofit Accountant ))
Question no 4-
Prepare entries to record the following transactions and events related to Northern townships tax revenues for the year beginning January 1, 2015:
a. To raise property tax revenue of $1,500,000 the County bills its property owners a total of $1,504,000, providing $4,000 for uncollectible and refundable taxes.
b. During the year, taxpayers pay a total of $1,300,000 in property taxes.
c. Edam declares bankruptcy, owing the County $4,000 in property taxes. The County writes off the unpaid amount as uncollectible.
d. The state collects sales taxes on behalf of Northern townships. It sends the provinces $300,000 for sales taxes collected during the year.
e. At year-end, the Northern township declares all unpaid property taxes to be
Delinquent
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