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Prepare the journal entries to record the collection

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Question - For fiscal 2020, west orange town levied a property tax $850,000. The town estimated that 4% of the tax will not be collected. By fiscal year end, cash collection was $740,000 and the town declares the uncollected amount as delinquent. Of the delinquent taxes, $65,000 is estimated to be collected within 60 days of year end and rest is uncollectible. In fiscal 2021, west orange collects $68,000 of the delinquent taxes and writes off the remaining delinquent taxes.

1) Prepare the journal entries to record property tax transaction in fiscal 2020.

2) Prepare the journal entries to record the collection and write off delinquent taxes fiscal 2021.

Reference no: EM133085654

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