The following selected account balances for the City of Hampton on January 1, 20X8 are listed below:
Required:
Record the following transactions that occurred during 20X8:
a.Current property taxes are levied at $750,000 with a 4% allowance for uncollectible property taxes.
b.Property to which tax liens apply is sold for $6,000 and the account is closed.
c.Current property taxes are collected in the amount of $702,000.
d.Previous delinquent property taxes are converted to tax liens and the current uncollected property taxes are considered delinquent.

Question

The following selected account balances for the City of Hampton on January 1, 20X8 are listed below:  
Required:
Record the following transactions that occurred during 20X8: 
a.Current property taxes are levied at $750,000 with a 4% allowance for uncollectible property taxes.
b.Property to which tax liens apply is sold for $6,000 and the account is closed.
c.Current property taxes are collected in the amount of $702,000.
d.Previous delinquent property taxes are converted to tax liens and the current uncollected property taxes are considered delinquent.

Quizplus · Accepted Answer

The Answer of The following selected account balances for the City of Hampton on January 1, 20X8 are listed below:  
Required:
Record the following transactions that occurred during 20X8: 
a.Current property taxes are levied at $750,000 with a 4% allowance for uncollectible property taxes.
b.Property to which tax liens apply is sold for $6,000 and the account is closed.
c.Current property taxes are collected in the amount of $702,000.
d.Previous delinquent property taxes are converted to tax liens and the current uncollected property taxes are considered delinquent.

The Following Selected Account Balances for the City of Hampton