FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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10. At year-end, the uncollected property taxes were declared delinquent. The existing allowance for uncollectible taxes is reclassified to delinquent. Croton's director of finance estimated that
$500 of the uncollected taxes would be collected in January and February 2020 and $400 would be collected during the rest of 2020.
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Transcribed Image Text:10. At year-end, the uncollected property taxes were declared delinquent. The existing allowance for uncollectible taxes is reclassified to delinquent. Croton's director of finance estimated that $500 of the uncollected taxes would be collected in January and February 2020 and $400 would be collected during the rest of 2020.
10
Property taxes receivable - delinquent
Property taxes receivable
◆
◆
To record delinquent property tax receivables.
♦
Allowance for uncollectible taxes
Allowance for uncollectible taxes - delinquent
→
To record allowance account to delinquent.
Revenues - property taxes
Deferred property tax revenues
0 x
0✔
0 x
0✔
400✔
0
0
OO
x <
0 x
0✔
0 x
0✔
400
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Transcribed Image Text:10 Property taxes receivable - delinquent Property taxes receivable ◆ ◆ To record delinquent property tax receivables. ♦ Allowance for uncollectible taxes Allowance for uncollectible taxes - delinquent → To record allowance account to delinquent. Revenues - property taxes Deferred property tax revenues 0 x 0✔ 0 x 0✔ 400✔ 0 0 OO x < 0 x 0✔ 0 x 0✔ 400
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