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please help me to answer 4, and 5 The General Fund of the City of Snake River aperates on a calendar year basis. It sends
please help me to answer 4, and 5
The General Fund of the City of Snake River aperates on a calendar year basis. It sends bills to property owners on January 2. Taxes are due March 1, but taxpayers are allowed until March 31 to make payment wichout penalty. Taxpayers who pay before March 1 are allowed to deduct a 1 percent discount. Taxpayers who fail to pay by April 1 are declared delinquent, and notice is sent to them that they owe a penalty of 4 percent af the unpaid taxes. Prepare journal entries to record the follawing Snake River transactions: 2. Colects cash of $727,650 before March 1 from taxpayers who had been billed $735,000, but who deducted the 1 percent early payment d scount. 3. Callects cash of $288,750 from taxpayers in the month af March. The General Fund of the City of Snake River aperates on a calendar year basis. It sends bills to property owners on January 2. Taxes are due March 1, but taxpayers are allowed until March 31 to make payment wichout penalty. Taxpayers who pay before March 1 are allowed to deduct a 1 percent discount. Taxpayers who fail to pay by April 1 are declared delinquent, and notice is sent to them that they owe a penalty of 4 percent af the unpaid taxes. Prepare journal entries to record the follawing Snake River transactions: 2. Colects cash of $727,650 before March 1 from taxpayers who had been billed $735,000, but who deducted the 1 percent early payment d scount. 3. Callects cash of $288,750 from taxpayers in the month af MarchStep by Step Solution
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