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Author Question: The City of Jonesboro allows discounts on taxes. Specifically, taxpayers get a 1 discount on the ... (Read 41 times)

Yolanda

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on: Jul 6, 2018
The City of Jonesboro allows discounts on taxes. Specifically, taxpayers get a 1 discount on the total tax if it is paid within one month of the initial levy.
 
  What would the journal entry be to record the levy of 700,000 if the government anticipates there will be a 2 uncollectible rate and it is anticipated that the discounts will be 5,000?
 
   Debit Credit
  A. Taxes Receivable
   Allowance for Uncollectible Taxes
   Allowance for Discounts
   Revenues 700,000
  14,000
  5,000
  681,000
  B. Taxes Receivable
   Revenues 700,000 700,000
  C. Taxes Receivable
  Expenditures
   Allowance for Uncollectible Taxes
   Revenues 695,000
  5,000
 
  14,000
  686,000
  D. Taxes Receivable
   Allowance for Uncollectible Taxes
   Revenues 700,000
  14,000
  686,000

Question 2

A net income will result if gross profit is greater than
 a. purchases.
  b. cost of goods available for sale.
  c. cost of goods sold.
  d. operating expenses.
  e. ending inventory.


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durant1234

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Reply #1 on: Jul 6, 2018
Answer to Question 1

A

Answer to Question 2

D


Yolanda

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Reply 2 on: Jul 6, 2018
Thanks for the timely response, appreciate it

dyrone

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  • Posts: 322
Reply 3 on: Yesterday
Great answer, keep it coming :)

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