A city levies property taxes of 1,050,000, but believes that it will not be able to collect 50,000 of those taxes. What entry should it make when the taxes are levied?
a. Property taxes receivable 1,050,000 Allowance for uncollectible taxes 50,000
Revenues - property taxes 1,000,000
b. Revenues - property taxes 50,000
Allowance for uncollectible taxes 50,000
c. Property taxes receivable 1,000,000
Revenues - property taxes 1,000,000
d. Allowance for uncollectible taxes 50,000
Revenues - property taxes 50,000
e. No entry is required because cash has not yet been received.
Question 2
Which of the following funds would you not expect to find in federal government accounting?
A. General fund.
B. Special funds.
C. Revolving funds.
D. Capital projects funds.
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