The following events and transactions relate to the levy and collection of property taxes for Jedville Township:

Question:

March 21, 2014-Property tax bills for $2,500,000 are sent to property owners. An estimated 2 percent of the property tax levies are uncollectible. The taxes are due on May 1.

May 4, 2014-$1,900,000 in taxes have been collected. The remaining receivables are reclassified as delinquent.

May 5 to December 31, 2014-An additional $150,000 of taxes are collected.

November 1, 2014-A $5,000 tax receivable account is determined to be uncollectible and is written off.

January 1, 2015, to February 28, 2015-An additional $87,750 of 2014 taxes are collected.

REQUIRED

1. Prepare summary journal entries for the events and transactions described for the Jedville general fund.

2. How will property taxes be presented in the December 31, 2014, balance sheet?

3. What amount of property tax revenues should be reported for 2014?

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Advanced Accounting

ISBN: 978-0133451863

12th edition

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

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Question Posted: Nov 04, 2016 02:51 AM

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The following events and transactions relate to the levy and collection of property taxes for Jedville Township:

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1 Journal entries to account for property taxes in the general fund March 21 2014 Taxes receivable c...View the full answer

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