Prepare entries to record the following transactions and events…

Prepare entries to record the following transactions and events related to Toombs County’s property taxes for the year (ending in June 2023):


a. A city levies property taxes of $4,000,000 for its General Fund but believes that it will not be able to collect 1.5% of those taxes. The County sends bills to property owners.


b. The city offers a 2 percent discount for payment within the discount period. Based on experience, city finance officials estimate that $50,000 of discounts will be taken.


c. Shortly after receiving his $5,000 tax bill, Harold appeals his assessment. His tax bill is reduced by $1,000. He then pays the remaining $4,000 that is due.


d. When the discount period ended, $2,100,000 had been collected and only $42,000 of discounts had been taken.


e. An additional $1,620,000 is collected in property taxes.


f. At year-end, the County declares all unpaid property taxes to be delinquent (note year in account). Interest and penalties amounting to $1,500 is assessed against the delinquent taxpayers and is considered available.


g. The County decides to increase its allowance for uncollectible taxes by $10,000.


h. To prepare financial statements for the year, the County comptroller estimates that Toombs will receive $160,000 in delinquent 2022-23 property taxes before the end of August, 2023. The other delinquent taxes will trickle in later in 2023.




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