The Town of Ashland Levied Property Taxes in the Amount

Multiple Choice

The Town of Ashland levied property taxes in the amount of $800,000.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 $792,000.
B) A credit to Revenues for $792,000.
C) A debit to Estimated Uncollectible Current Taxes for $8,000.
D) A debit to Estimated Revenues for $800,000.