Morris County's general fund has the following balances as of the beginning of 2020, pertaining to unpaid 2019 taxes: Property taxes receivable Allowance for uncollectible taxes $5,000,000 (3,600,000) During 2020, the County collects $1,300,000 related to 2019 taxes and writes off the rest. Property tax bills for 2020 in the amount of $90.000,000 are sent out. The county estimates that 5% are uncollectible. The County collects $85,200,000 of 2020 taxes. Of the remaining $4,800,000 in uncollected taxes for 2020, the County estimates that $500,000 will be collected within 60 days after the end of the year, and $100,000 are expected to be collected more than 60 days from year-end. The remainder are uncollectible. Required Prepare the journal entries to record the above events

Morris County's general fund has the following balances as of the beginning of 2020, pertaining to unpaid 2019 taxes: Property taxes receivable Allowance for uncollectible taxes $5,000,000 (3,600,000) During 2020, the County collects $1,300,000 related to 2019 taxes and writes off the rest. Property tax bills for 2020 in the amount of $90.000,000 are sent out. The county estimates that 5% are uncollectible. The County collects $85,200,000 of 2020 taxes. Of the remaining $4,800,000 in uncollected taxes for 2020, the County estimates that $500,000 will be collected within 60 days after the end of the year, and $100,000 are expected to be collected more than 60 days from year-end. The remainder are uncollectible. Required Prepare the journal entries to record the above events

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 9DQ

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