Prepare jornal entry :

Assuming that the City maintains the books and record in a manner that facilitates the preparation of the fund financial statements, prepare all necessary journal entries to record the following events related to property tax revenues for the year ended 12/31/2018. The city has adopted the 60-day rule for all revenue recognition for which it is appropriate. o 1. On January 3, the City Council levied property taxes of $2 million to support general government operations, 2the 2018 budget, which had been adopted on November 3, 2017, Historically 2% of property taxes are uncollectible. 42. The City collected the following amounts related to 2018 property taxes: s 2018 taxes collected in June 2018 6 2018 taxes collected in December 2018 1,080,000 800,000 8 3. Delinquent 2018 property taxes were reclassified as delinquent after the June payment date o 4. The City collected the following amounts related to 2018 delinquent property taxes: 1 Delinquent 2018 taxes collected in Jan. and Feb. 2019 2Delinquent 2018 taxes collected in March 2019 20,000 30,000 4 5. $4,000 of 2017 taxes were written off during 2018. 6 Journal Entries Dollar Amounts Credit