Accounting for revenues. The following information concerns tax revenues for the city of Fairfield. The balances concerning property taxes on January 1, 2018, were as follows: Prepare entries in the...

Accounting for revenues. The following information concerns tax revenues for the city of Fairfield. The balances concerning property taxes on January 1, 2018, were as follows:

Prepare entries in the general fund for the following 2018 events:

Jan. Since current property taxes would not be collected for several months, $275,000 was borrowed using tax anticipation notes.

Feb. Tax liens of $10,000 were collected; in addition, $2,000 of interest was collected that had not been accrued. The balance of tax liens was settled by receiving $13,000 for the property subject to the tax liens.