Prepare the necessary entries to recognize the above events

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Reference no: EM133433783

The following transactions occurred for a county government. All transactions are recognized in the county's general fund.

On January 1, 2020, a county government sends out property tax bills in the amount of $100,000,000.
Of the property tax bills sent to property owners, $15,000,000 is estimated to be uncollectible.
During the year, $88,000,000 is collected.
Of the $12,000,000 of uncollected taxes on December 31, 2020, $3,000,000 is expected to be collected within the next 60 days, and $1,800,000 is expected to be collected after 60 days.
The remaining taxes receivable are estimated to be uncollectible.
In 2021, $10,000,000 is collected related to 2020 tax bills.
In 2021, the remaining uncollected 2020 taxes are written off.

Using a spreadsheet with proper classifications and account names, prepare the necessary entries to recognize the above events.

Reference no: EM133433783

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