1 month ago

During the current year, the Town of Salo Alto recorded the following transactions related to its property taxes:

1 answer:

4 0

S/N Account Titles & Explanation Debit Credit 1) Taxes Receivable—Current $3,300,000 Estimated Uncollectible Current Taxes $66,000 Revenues $3,234,000 2) Cash $2,987,500 Tax Receivable-current $2,987,500 3) Cash $28,900 Tax Receivable- Delinquent $26,500 Interest and Penalties Receivable On Taxes $2,400 4) Penalties and Interest Receivable $3,750 Estimated Uncollectible Interest $650 and Penalties Revenues $3,100 5) Taxes Receivable- Delinquent $312,500 (From $3,300,000-$2,987,500) Estimated Uncollectible Current Taxes $66,000 Taxes Receivable- Current $312,500 Estimated Uncollectible Delinquent Taxes $66,000

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