At the start of 2020, a county general fund issues property tax bills in the amount...

At the start of 2020, a county general fund issues property tax bills in the amount of $9,000,000. It expects to collect $8,800,000 from property owners, with the rest expected to be uncollectible. During the year, $8,750,000 in 2020 property taxes is collected. Of the remaining $250,000 in uncollected taxes at year-end, it is estimated that $100,000 will be collected within 60 days and the rest are uncollectible.

Using the attached T-account template, prepare the entries required to recognize the above information.

ASSETS =	LIABILITES +	FUND BALANCE

Expert Solution

Particulars	Debit	Credit
Property tax receivable A/c Dr	9,000,000
To Property tax (income) A/c		9,000,000
Being property tax bills issued accounted for
Cash A/c Dr	8,750,000
To property tax receivable A/c		8,750,000
Being property tax received accounted for
Bad debts (expense) A/c Dr	150,000
To Property tax receivable A/c		150,000
Being property tax uncollectible at the end of year has been accounted as bad debts

ekkarill92 answered 3 years ago

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