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.
Correct Answer:
Verified
Correct Answer:
Verified
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