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What is the journal entry

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Problem - Property tax levies are assessed. Total billing for this tax is $775,000. On this date, the assessment is a legally enforceable claim according to the laws of the state. All money to be received is designated for the current period, and 80 percent is assumed to be collectible in this period. Receipt of the additional 20 percent is not expected until the subsequent period but in time to be available to pay current period claims. What is the journal entry, if any, for the fund financial statements and the government- wide financial statements?

Reference no: EM132979019

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