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The Town of Cumberland levied property taxes in the amount of $ 1 , 6 0 0 , 0 0 0 . The town estimates

The Town of Cumberland levied property taxes in the amount of $1,600,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy in the Governmental Activities general journal will include:
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A debit to Cash for $1,584,000
A credit to Revenues for $1,584,000.
A debit to Estimated Revenues for $1,600,000.
A debit to Allowance for Uncollectible Current Taxes for $16,000.
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