Author Question: A property owner receives a property tax bill for 4,000 and appeals the assessment. Before he pays ... (Read 106 times)

cmoore54 · **on:** Jul 5, 2018

A property owner receives a property tax bill for 4,000 and appeals the assessment. Before he pays the bill, the city reduces his property tax to 3,000 .

If the city had previously established an allowance for property tax refunds, what entry should it make to record the reduction?
a. Revenues - property taxes 3,000
Property taxes receivable 3,000
b. Revenues - property taxes 1,000
Property taxes receivable 1,000
c. Allowance for property tax refunds 1,000
Property taxes receivable 1,000
d. Tax liens receivable 1,000
Property taxes receivable 1,000

Question 2

Internet market exchanges enable suppliers to put their products online, by feeding into electronic catalogs that sort through alternatives from different suppliers and electronically place an order.
Indicate whether the statement is true or false