Posted: August 31st, 2016

Prepare general journal entries to record the following transactions

Prepare general journal entries to record the following transactions in York City’s general Ledger and make adjusting entries, if needed:
1. York City Levied property taxes of $12,000,000 for 20X6. The taxes were levied on January 1, 20X6. York expects ,000 to be uncollectible. Three-fourth of the taxes receivable are expected to be collected within 2% discount period. Another $1,000,000 of taxes should be collected before year end but after the discount period. The balance of the collectible taxes is expected to be collected at a uniform rate over the first 10 month of 20X7.
2. York City collected 0,000 (before discounts) of it taxes receivable prior to the end of the discount period. The balance of tax receivable are past due.
3. York wrote off taxes receivable of $30,000 as uncollectible.
4. York collected another $900,000 of its taxes receivable after the discount period but before year end