Part C:

Unlike Illinois, the Village of Maple Park is located in a state in which property taxes are levied and collected in the same fiscal year. The information below pertains to the Villages general fund for the year ended December 31, 2022:

$9,819,000 of property tax revenue was included in the estimated revenues budget for 2022;

Property taxes were levied in February, 2022, and $171,000 of the levy was expected to be uncollectible; all $9,819,000 of the estimated revenues from property taxes in the revenues budget were expected to be collected either during 2022 or by March 1, 2023.

On the two property tax collection dates, a total of $9,600,000 was collected;

At December 31, 2022, the Village expected property tax collections during the first 60 days of 2023 to be $38,000.

Required:

1. Make the journal entry to record the property tax levy in February, 2022.
2. Make the adjusting journal entry as of December 31, 2022, to record the property taxes that are expected to be collected after March 1, 2023.