The Town of Sigway levied its property taxes of $1,400,000 for the year. Property taxes are expected to be collected in the amount of $1,200,000 during the current fiscal year with an additional $100,000 expected to be collected during the first 30 days of the next fiscal year. Which of the following journal entries should the town make when it levies the property taxes?

a. debit Property taxes receivable for $100,000

credit Revenues-property taxes for $100,000

b. debit Property taxes receivable for $1,200,000

credit Revenues-property taxes for $1,200,000

c. debit Property taxes receivable for $1,400,000

credit Revenues-property taxes for $1,400,000

d. Property taxes should only be reported as revenue after they are collected in cash so no journal entry is required when property taxes are levied.