Multiple Choice
The Town of Loveland levied property taxes in the amount of $1,600,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include
A) A debit to Cash for $1,584,000.
B) A credit to Revenues for $1,584,000.
C) A debit to Allowance for Uncollectible Current Taxes for $16,000.
D) A debit to Estimated Revenues for $1,600,000.
Correct Answer:
Verified
Correct Answer:
Verified
Q16: The General Fund used electricity provided by
Q17: Which of the following accounts would not
Q18: Current financial resources include cash and items
Q19: Encumbrances Outstanding is shown on the balance
Q20: Identify the four types of nonexchange transactions
Q22: Why might the property tax revenue in
Q23: The county received a $10,000,000 endowment, the
Q24: The account Deferred Inflows of Resources-Unavailable Revenues
Q25: An interfund transfer in should be reported
Q26: The Governmental Activities column of the statement