Property Tax- Record the following transactions in the general ledger account of the Coleman County General Fund.
1. Coleman County levied its 20x7 property tax on Jan 1, 20x7. The total tax levy was 80,000,000; 2% is expected to be uncollectible.
2. Coleman collected 55,000,000 of property taxes before the due date. The remaining taxes are past due.
3. Interest and penalties 0f 2,500,000 were assessed on the past due taxes. 6% is expected to be uncollectible.
4. Coleman County collected 20,000,m0000 of delinquent taxes and 2,000,000 of interest and penalties at the end of 20x7, Coleman estimates that it will collect 3,000,000 of delinquent taxes and 300,000 of the previously accrued interest and penalties in the first 60 days of 20x8.
Click here for the solution: Property Tax- Record the following transactions in the general ledger account of the Coleman County General Fund
