Explain how to account for property taxes. Include journal entries for recording the property tax...
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Accounting
Explain how to account for property taxes. Include journal entries for recording the property tax levy and the collection of current property taxes. Fully explain property taxes, what they are, how they are classified, and how they are accounted for prior to listing the journal entries. Assume that County ABC will assess $1,500,000 in property taxes. Three percent are expected to be uncollectible, and $1,200,000 are collected.
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