Sign In Sign Up Ask an AI advisor
rambocayden8018
rambocayden8018
03.01.2020 • 
Business

Prepare entries to record the following transactions and events related to mason county property taxes for the year beginning january 1, 2015.a) to raise property tax revenues of $940,000, the county sends bills to property owners totaling $945,000. this will provide a $5,000 allowance for uncollectible taxes. the county makes no provision for possible tax refunds.b) shortly after receiving his $5,000 tax bill, harry appeals his assessment. his tax bill is reduced by $1,000. he then pays the remaining $4,000 that is due.c) mason county receives $900,000 in cash from taxpayers who make timely payment on their taxes.d) brown's home is destroyed by a fire; he declares bankruptcy and the county writes off his $3,000 tax bill as uncollectible.e) smith and wesson, who received bill totaling $8,000 are unable to pay on time. the county bills them $300 for interest. they subsequently pay the taxes plus interest.f) at year end, the county declares all unpaid property taxes to be delinquent. interest and penalties amounting to $1,500 is assessed against the delinquent taxpayers.g) the county decides to increase its allowance for uncollectible taxes by $3,000

Solved
Show answers

Ask an AI advisor a question

I want advice