Property taxes in the amount of $355,000 were levied for the current year. It is estimated that $14,000 of the taxes levied will prove to be uncollectible. (Journal entry completed by instructor --- SEE JOURNAL ENTRY SECTION BELOW) You are required to explain each line of the journal entry and related financial statement impact.

Property Tax Receivable 355,000

Estimated Uncollectible Taxes 14,000

Revenue 341,000

Explain each line of the journal entry and related financial statement impact.

_____________________________________________________________________________________________________________________________________________________________________________________________________________________