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. 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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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