The City of Happy Valley records the following property tax transactions. Prepare the journal entries....
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Accounting
The City of Happy Valley records the following property tax transactions. Prepare the journal entries. a. Property taxes of $10,000,000 are levied and 5% are estimated to be uncollectible. b. Property taxes of $9,800,000 are collected. c. The property taxes become delinquent after the due date passes. The city estimates that 5% of the delinquent amount will not be collected.
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