46. (Journal entries - tax revenue accounting - year-end adjustments)
Prepare entries to record the following transactions and events related to Colfax County's tax revenues for the year beginning January 1, 2013:
a. To raise property tax revenue of $800,000, the County bills its property owners a total of $802,000, providing $2,000 for uncollectible and refundable taxes.
b. During the year, taxpayers pay a total of $750,000 in property taxes.
c. E. Bloodworth declares bankruptcy, owing the County $2,000 in property taxes. The County writes off the unpaid amount as uncollectible.
d. The state collects sales taxes on behalf of Colfax County. It sends the County $150,000 for sales taxes collected during the year.
e. At year-end, the County declares all unpaid property taxes to be delinquent.
f. To prepare financial statements for the year, the County comptroller makes the following determinations regarding tax revenues:
(1) She estimates that Colfax will receive $20,000 in delinquent 2013 property taxes before the end of February, 2014. The other delinquent taxes will trickle in later in 2014.
(2) She learns that the state will remit $10,000 to Colfax in January 2014 for sales taxes collected by merchants in December 2013.