Question

1 ) If the original bid for the city hall project was $5,000,000, what entry would be made when the bid was awarded to the contractor. Your answer should be in this form: DR XXX(account name), CR XXX (account name) no amount is needed.

Use the following information to answer the next 3 questions regarding property taxes. T-Accounts might help answer some of these questions.

The following transactions and events related to Colfax County's tax revenues for the year beginning January 1, 2019.    

• To raise property tax revenue of $800,000, the County bills its property owners a total of $802,000, providing $2,000 for uncollectible and refundable taxes.
• During the year, taxpayers pay a total of $750,000 in property taxes.
• E Bloodworth declares bankruptcy, owing the County $2,000 in property taxes. The County writes off the unpaid amount as uncollectible.
• At year-end, the County declares all unpaid property taxes to be delinquent.
• To prepare financial statements for the year, the County comptroller estimates that Colfax will receive $20,000 in delinquent 2019 property taxes before the end of February, 2020. The other delinquent taxes will trickle in later in 2020.

2) How much of the receivable is considered delinquent at the end of the year?

enter whole number without dollar signs, commas and decimals

3) How much of the 2019 property taxes will be deferred to 2020?

enter whole number without dollar signs, commas and decimals

Answer 1