P5-9 (Journal entries for selected events and transactions)

Prepare the general journal entries necessary to record the following selected transactions of the General Fund of the City of Roxyville. 1. Property taxes of $4,000,000 were levied. The city estimates that 1.5 percent of the total levy will prove uncollectible and that $2,000,000 (gross) of the $4,000,000 tax levy will be collected soon enough to qualify for a 2 percent discount. 2. Property taxes of $1,800,000 (gross receivable) were collected within the 2 percent discount period. The remaining taxes are now past due and are declared delinquent. 3. Property taxes of $1,550,000 (gross receivable) were collected after the discount period expired, together with late penalties of $3,400. 4. The city