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Prepare entries to record the transactions and events

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Reference no: EM132720524

Question - How do prepare entries to record the following transactions and events related to Morgan County's tax revenues for the year beginning January 1, 2019:

a. To raise property tax revenue of $750,000 the County bills its property owners a total of $755,000 providing $5,000 for uncollectible and refundable taxes.

b. During the year, taxpayers pay a total of $700,000 in property taxes.

c. D. Cosgrove declares bankruptcy, owing the County $3,000 in property taxes. The County writes off the unpaid amount as uncollectible.

d. At year end, the County declares all unpaid property taxes to be delinquent

e. To prepare financial statements for the year, the Country comptroller estimates that Morgan will receive $30,000 in delinquent 2019 property taxes before the end of February, 2020. The other delinquent taxes will trickle in later in 2020.

Reference no: EM132720524

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