Reference no: EM132462272
Problem - Morris County's general fund has the following balances as of the beginning of 2020, pertaining to unpaid 2019 taxes:
Property taxes receivable $5,000,000
Allowance for uncollectible taxes (3,600,000)
During 2020, the County collects $1,300,000 related to 2019 taxes and writes off the rest. Property tax bills for 2020 in the amount of $90,000,000 are sent out. The county estimates that 5% are uncollectible. The County collects $85,200,000 of 2020 taxes. Of the remaining $4,800,000 in uncollected taxes for 2020, the County estimates that $600,000 will be collected within 60 days after the end of the year, and the remainder are uncollectible.
Required -
a. Prepare the journal entries to record the above events.
b. Calculate property tax revenue for 2020.
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