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The City allows discounts on taxes. Specifically, taxpayers get a 1% discount on the total tax if it is paid within one month of the

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The City allows discounts on taxes. Specifically, taxpayers get a 1% discount on the total tax if it is paid within one month of the initial levy, What would the journal entry be to record the levy of $1,000,000 if the government anticipates there will be a $28,000 uncollectible amount? Dr. Taxes Receivable 5972,000 and Cavenue $92 Dr. Taxes Receivable $972,000, Dr. Expenditu 29.000 and Cr. Revenue $1,000,000 Dr. Taxes Receivable $1,000,000 and Cr. Revenue $1,000,000 O Dr. Taxes Receivable $1,000,000, Cr. Allowance for Uncollectible Taxes $28,000 and Cr. Revenue $972,000

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