Prepare journal entries to record the following transactions: 1. To balance its 2022 budget, which requires $2,250,000 in property taxes, Central City levies property taxes in the amount of $2,272,500, providing an allowance of $22,500 for uncollectible accounts. 2. During the year 2022, it collects property taxes as follows: 3. Central City recognizes $22,500 of the deferred inflow of resources-unavailable property taxes as revenues in 2022. 4. It initiates foreclosure proceedings against the delinquent taxpayer who owed the city $12,000. When it does this, it charges the taxpayer a penalty of $1,500. 5. An auctioneer sells the foreclosed property for $60,000, deducts a fee of $4,500, and remits $55,500 to the city. The city deposits the check and prepares a voucher for the net amount due to the taxpayer. 6. The city reverses the Allowance for refunds and uncollectible taxes_delinquent ( $12,000) because the lien has been satisfied and all prior year delinquent taxes have been collected. 7. Central City rebates $18,000 to taxpayers who had paid their 2022 taxes, but who successfully appealed their tax assessments. 8. At year-end, the city (a) declares all unpaid 2022 taxes as delinquent; (b) concludes that there is no need for an allowance for uncollectible accounts; and (c) estimates that $22,500 of the delinquent taxes will be collected in the first 60 days of calendar year 2023 . \begin{tabular}{|c|c|c|c|} \hline & Account & Debit & Credit \\ \hline \multirow[t]{4}{*}{1.} & Property taxes receivable & 2272500 & \\ \hline & Allowance for refunds and uncollectible taxes & & 22,500 \\ \hline & & & \\ \hline & To record 2019 property tax levy. & & \\ \hline \multirow[t]{4}{*}{2.} & & & \\ \hline & & & \\ \hline & & & \\ \hline & To record collection of property taxes. & & \\ \hline \multirow[t]{3}{*}{3.} & & & \\ \hline & & & \\ \hline & To recognize deferred inflows of resources as 2022 revenues. & & \\ \hline \multirow[t]{5}{*}{4.} & & & \\ \hline & & & \\ \hline & & & \\ \hline & To charge penalty for unpaid taxes and reclassify & & \\ \hline & delinquent receivable as a lien receivable. & & \\ \hline \multirow[t]{4}{*}{5.} & & & \\ \hline & & & \\ \hline & & & \\ \hline & To record receipt of cash from foreclosed property, satisfaction & & \\ \hline \end{tabular} Allowance for refunds and uncollectible taxes Allowance for refunds and uncollectible taxes - delinquent Cash Deferred inflow of resources - unavailable property taxes Property taxes receivable Property taxes receivable - delinquent Revenues - interest and penalties Revenues - property taxes Tax liens receivable Vouchers payable Prepare journal entries to record the following transactions: 1. To balance its 2022 budget, which requires $2,250,000 in property taxes, Central City levies property taxes in the amount of $2,272,500, providing an allowance of $22,500 for uncollectible accounts. 2. During the year 2022, it collects property taxes as follows: 3. Central City recognizes $22,500 of the deferred inflow of resources-unavailable property taxes as revenues in 2022. 4. It initiates foreclosure proceedings against the delinquent taxpayer who owed the city $12,000. When it does this, it charges the taxpayer a penalty of $1,500. 5. An auctioneer sells the foreclosed property for $60,000, deducts a fee of $4,500, and remits $55,500 to the city. The city deposits the check and prepares a voucher for the net amount due to the taxpayer. 6. The city reverses the Allowance for refunds and uncollectible taxes_delinquent ( $12,000) because the lien has been satisfied and all prior year delinquent taxes have been collected. 7. Central City rebates $18,000 to taxpayers who had paid their 2022 taxes, but who successfully appealed their tax assessments. 8. At year-end, the city (a) declares all unpaid 2022 taxes as delinquent; (b) concludes that there is no need for an allowance for uncollectible accounts; and (c) estimates that $22,500 of the delinquent taxes will be collected in the first 60 days of calendar year 2023 . \begin{tabular}{|c|c|c|c|} \hline & Account & Debit & Credit \\ \hline \multirow[t]{4}{*}{1.} & Property taxes receivable & 2272500 & \\ \hline & Allowance for refunds and uncollectible taxes & & 22,500 \\ \hline & & & \\ \hline & To record 2019 property tax levy. & & \\ \hline \multirow[t]{4}{*}{2.} & & & \\ \hline & & & \\ \hline & & & \\ \hline & To record collection of property taxes. & & \\ \hline \multirow[t]{3}{*}{3.} & & & \\ \hline & & & \\ \hline & To recognize deferred inflows of resources as 2022 revenues. & & \\ \hline \multirow[t]{5}{*}{4.} & & & \\ \hline & & & \\ \hline & & & \\ \hline & To charge penalty for unpaid taxes and reclassify & & \\ \hline & delinquent receivable as a lien receivable. & & \\ \hline \multirow[t]{4}{*}{5.} & & & \\ \hline & & & \\ \hline & & & \\ \hline & To record receipt of cash from foreclosed property, satisfaction & & \\ \hline \end{tabular} Allowance for refunds and uncollectible taxes Allowance for refunds and uncollectible taxes - delinquent Cash Deferred inflow of resources - unavailable property taxes Property taxes receivable Property taxes receivable - delinquent Revenues - interest and penalties Revenues - property taxes Tax liens receivable Vouchers payable