A military Installation was unable to pay its fair share of taxes for use of...
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Accounting
A military Installation was unable to pay its fair share of taxes for use of an Alaskan city's school system because the city could not assess another governmental entity a PT. However, the city did receive $400,000 from the military installation for its use of the school district's resources. The city would make a JE as follows: O a Debit Cash $400,000 Credit Other Financing Sources $400,000 b. Debit Cash $400,000 Credit Revenue - Payment in lieu of PT $400,000 O c. Debit Cash $400,000 Credit Revenue-PT $400,000 d. Debit Cash $400,000 Credit What do we credit for this payment? $400.000
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