Tyler County's general fund starts the fiscal year 2020 with a $250,000 balance for net property taxes receivable. The balance is net of a $200,000 allowance for uncollectible taxes. The county also starts the year with $125,000 in deferred inflows from taxes collected in advance, which are available for spending in fiscal 2020. The county records the following transactions in fiscal 2020, related to property tax billings and collections. 1. Property tax bills totaling $40,000,000 are sent out. The county expects that $500,000 of these bills are uncollectible. 2. Property taxes of $39,135,000 are collected in cash. Of this amount, $275,000 is payment for fiscal 2019 taxes, $165,000 is fiscal 2021 taxes paid in advance, and the remainder is payment of fiscal 2020 property taxes. 3. The uncollected taxes for fiscal 2019 are written off. 4. Of the uncollected fiscal 2020 property taxes, it is estimated that $950,000 will be collected within 60 days of year-end, and the remainder are uncollectible. Required Prepare the journal entries necessary to record the above information. Enter answers in thousands. For example, $40,000,000 equals $40,000 in thousands and $950,000 equals $950 in thousands. Description Debit Credit Property tax revenues To record fiscal 2020 property tax levy. To record collection of fiscal 2019 taxes. Property tax revenues To record collection of fiscal 2019 taxes and write-off of remaining uncollected taxes. To record taxes collected in advance. To record taxes paid in advance in fiscal 2019 that are now available to spend. To record collection of fiscal 2020 taxes. To adjust the year-end allowance balance to the amount not expected to be collected within 60 days. Check Tyler County's general fund starts the fiscal year 2020 with a $250,000 balance for net property taxes receivable. The balance is net of a $200,000 allowance for uncollectible taxes. The county also starts the year with $125,000 in deferred inflows from taxes collected in advance, which are available for spending in fiscal 2020. The county records the following transactions in fiscal 2020, related to property tax billings and collections. 1. Property tax bills totaling $40,000,000 are sent out. The county expects that $500,000 of these bills are uncollectible. 2. Property taxes of $39,135,000 are collected in cash. Of this amount, $275,000 is payment for fiscal 2019 taxes, $165,000 is fiscal 2021 taxes paid in advance, and the remainder is payment of fiscal 2020 property taxes. 3. The uncollected taxes for fiscal 2019 are written off. 4. Of the uncollected fiscal 2020 property taxes, it is estimated that $950,000 will be collected within 60 days of year-end, and the remainder are uncollectible. Required Prepare the journal entries necessary to record the above information. Enter answers in thousands. For example, $40,000,000 equals $40,000 in thousands and $950,000 equals $950 in thousands. Description Debit Credit Property tax revenues To record fiscal 2020 property tax levy. To record collection of fiscal 2019 taxes. Property tax revenues To record collection of fiscal 2019 taxes and write-off of remaining uncollected taxes. To record taxes collected in advance. To record taxes paid in advance in fiscal 2019 that are now available to spend. To record collection of fiscal 2020 taxes. To adjust the year-end allowance balance to the amount not expected to be collected within 60 days. Check
