Make journal entries based on government account GASB requirements as listed above

Background The city has the following transactions occur during the fiscal year: 1. Property taxes were levied against property owners in the city amounting to $40,000,000. Of this amount, the city expects that 15% will be uncollectible. 2. Of the amount of property taxes that the city expects to collect, 10% will not be received within 60 days after the year end date. 3. The city has a city-wide sales tax. During the year, the city received $4,000,000 in sales taxes. 4. Additional sales taxes of $750,000 are expected to be received after year end. Of that amount, $50,000 will not be received in time to settle current year liabilities. 5. The city is entitled to receive a grant of up to $500,000 from the Federal Government for a social program. Under the grant, the city is to be reimbursed for expenditures incurred on the program. During the year, expenditures on the program totaled $450,000. Prepare the entry for the expenditures first (they were not encumbered). Background The city has the following transactions occur during the fiscal year: 1. Property taxes were levied against property owners in the city amounting to $40,000,000. Of this amount, the city expects that 15% will be uncollectible. 2. Of the amount of property taxes that the city expects to collect, 10% will not be received within 60 days after the year end date. 3. The city has a city-wide sales tax. During the year, the city received $4,000,000 in sales taxes. 4. Additional sales taxes of $750,000 are expected to be received after year end. Of that amount, $50,000 will not be received in time to settle current year liabilities. 5. The city is entitled to receive a grant of up to $500,000 from the Federal Government for a social program. Under the grant, the city is to be reimbursed for expenditures incurred on the program. During the year, expenditures on the program totaled $450,000. Prepare the entry for the expenditures first (they were not encumbered)