The township of Pinewood assessed Property Taxes for the year 2020. The township's books and records are on a calendar year basis. The transactions for the year ended December 31, 2020 are listed below: 1) The City of Pinewood levied property taxes on January 2, 2020. The due date of the property tax assessment is March 31, 2020. The total tax levy was $5,200,000; $7,000 is expected to be uncollectible. 2) The City of Pinewood collected $4,400,000 of property taxes before the due date of March 31, 2020. 3) On April 1, 2020 the City of Pinewood calculates and determines the remaining 2020 Property Taxes that are past due. You need to make 1 journal entry for both the current & Delinquent Taxes along with the Allowance for Uncollectible Taxes for both Delinquent & Current. 4) The City of Pinewood collected $565,000 in Delinquent Taxes from April 1, 2020 to December 31, 2020. 5) The City of Pinewood collects $115,000 in the first 60 days of 2021. Required: 1) Prepare the Journal Entry to record the Property Tax Levy on January 2, 2020 2) Prepare the Journal Entry to record the Property Taxes received from January 2, 2020 - March 31, 2020, and a Journal Entry to recognize and record Revenue - Property Taxes 3) Prepare the Journal Entry on April 1, 2020 to record Property Taxes Receivable - Delinquent, and the Allowance for Uncollected Property Taxes -Delinquent Required: 1) Prepare the Journal Entry to record the Property Tax Levy on January 2, 2020 2) Prepare the Journal Entry to record the Property Taxes received from January 2, 2020 - March 31, 2020, and a Journal Entry to recognize and record Revenue - Property Taxes 3) Prepare the Journal Entry on April 1, 2020 to record Property Taxes Receivable - Delinquent, and the Allowance for Uncollected Property Taxes - Delinquent 4) Prepare the Journal Entry to record the Property Taxes received from April 1, 2020 - December 31, 2020 and a Journal Entry to recognize and record Revenue -- Property Taxes 5) Record the Journal Entry to record the Delinquent 2020 taxes collected by February 28, 2021, and a Journal Entry to recognize and record Revenue -- Property Taxes 6) Calculate Deferred Inflows of Revenue - Property Taxes at December 31, 2020 7) Calculate Revenue - Property Taxes at December 31, 2020 Chart of Accounts Cash Property Taxes Receivable - Current Allowance for Uncollectible Property Taxes - Current Property Taxes Receivable - Delinquent Allowance for Uncollectible Property Taxes - Delinquent Deferred Inflows of Revenue - Property Taxes Revenue - Property Taxes D E F G H A B 2 Ret 3 Credit Date 1/2/20 Debit 5,200,000 4 5 Account 1 Property Taxes Receivable Allowance of Uncollectible Taxes Deferred Inflow of Revenues. Property Tax Record Property Tax Levy 7,000 5,193,000 6 7 8 9 4,400,000 2 3/31/20 4,400,000 Cach Property Taxes Receivable Record Tax Collections 3/31/20 2 10 11 12 13 14 15 16 17 18 19 Record Revenue 4/1/20 Reclassify taxes receivable from current to delinquent 20 21 22 23 24 25 26 12/31/20 Record Tax Collections 12/31/20 27 28 29 30 Record Revenue 12/31/20 5 31 32 Record Revenue for Property Taxes received in 2021) 33 34 2/28/21 5 35 36 37 2020 Property Tax Revenue received in 2021 Record Revenue for Property Taxes received in 2021) 33 34 2/28/21 5 35 36 37 2020 Property Tax Revenue received in 2021 Calculation of Deferred Revenue (Show all Calculations) 38 39 40 41 42 43 44 Total Calculation of Revenue (Show all Calculations) Total 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 The township of Pinewood assessed Property Taxes for the year 2020. The township's books and records are on a calendar year basis. The transactions for the year ended December 31, 2020 are listed below: 1) The City of Pinewood levied property taxes on January 2, 2020. The due date of the property tax assessment is March 31, 2020. The total tax levy was $5,200,000; $7,000 is expected to be uncollectible. 2) The City of Pinewood collected $4,400,000 of property taxes before the due date of March 31, 2020. 3) On April 1, 2020 the City of Pinewood calculates and determines the remaining 2020 Property Taxes that are past due. You need to make 1 journal entry for both the current & Delinquent Taxes along with the Allowance for Uncollectible Taxes for both Delinquent & Current. 4) The City of Pinewood collected $565,000 in Delinquent Taxes from April 1, 2020 to December 31, 2020. 5) The City of Pinewood collects $115,000 in the first 60 days of 2021. Required: 1) Prepare the Journal Entry to record the Property Tax Levy on January 2, 2020 2) Prepare the Journal Entry to record the Property Taxes received from January 2, 2020 - March 31, 2020, and a Journal Entry to recognize and record Revenue - Property Taxes 3) Prepare the Journal Entry on April 1, 2020 to record Property Taxes Receivable - Delinquent, and the Allowance for Uncollected Property Taxes -Delinquent Required: 1) Prepare the Journal Entry to record the Property Tax Levy on January 2, 2020 2) Prepare the Journal Entry to record the Property Taxes received from January 2, 2020 - March 31, 2020, and a Journal Entry to recognize and record Revenue - Property Taxes 3) Prepare the Journal Entry on April 1, 2020 to record Property Taxes Receivable - Delinquent, and the Allowance for Uncollected Property Taxes - Delinquent 4) Prepare the Journal Entry to record the Property Taxes received from April 1, 2020 - December 31, 2020 and a Journal Entry to recognize and record Revenue -- Property Taxes 5) Record the Journal Entry to record the Delinquent 2020 taxes collected by February 28, 2021, and a Journal Entry to recognize and record Revenue -- Property Taxes 6) Calculate Deferred Inflows of Revenue - Property Taxes at December 31, 2020 7) Calculate Revenue - Property Taxes at December 31, 2020 Chart of Accounts Cash Property Taxes Receivable - Current Allowance for Uncollectible Property Taxes - Current Property Taxes Receivable - Delinquent Allowance for Uncollectible Property Taxes - Delinquent Deferred Inflows of Revenue - Property Taxes Revenue - Property Taxes D E F G H A B 2 Ret 3 Credit Date 1/2/20 Debit 5,200,000 4 5 Account 1 Property Taxes Receivable Allowance of Uncollectible Taxes Deferred Inflow of Revenues. Property Tax Record Property Tax Levy 7,000 5,193,000 6 7 8 9 4,400,000 2 3/31/20 4,400,000 Cach Property Taxes Receivable Record Tax Collections 3/31/20 2 10 11 12 13 14 15 16 17 18 19 Record Revenue 4/1/20 Reclassify taxes receivable from current to delinquent 20 21 22 23 24 25 26 12/31/20 Record Tax Collections 12/31/20 27 28 29 30 Record Revenue 12/31/20 5 31 32 Record Revenue for Property Taxes received in 2021) 33 34 2/28/21 5 35 36 37 2020 Property Tax Revenue received in 2021 Record Revenue for Property Taxes received in 2021) 33 34 2/28/21 5 35 36 37 2020 Property Tax Revenue received in 2021 Calculation of Deferred Revenue (Show all Calculations) 38 39 40 41 42 43 44 Total Calculation of Revenue (Show all Calculations) Total 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63