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At the beginning of 2020, the balance sheet of a county general fund reports $500,000 in...

At the beginning of 2020, the balance sheet of a county general fund reports $500,000 in property taxes receivable from 2019. Additional information is as follows:

a. $350,000 of the beginning balance is considered uncollectible.

b. During 2020 the county sends out tax bills in the amount of $10,000,000

c. $600,000 of the 2020 tax bills are expected to be uncollectible

d. Cash collections on 2019 taxes are $140,000

e. The remaining 2019 uncollected taxes are written off

f. Cash collections on 2020 taxes are $9,500,000

g. Of the $500,000 uncollected at the end of 2020, $100,000 are expected to be collected within 60 days, $65,000 are expected to be collected more than 60 days after year-end, and the rest are uncollectible.

Using the attached T-account template, document the beginning balance (labeled “BAL”) and prepare all necessary journal entries.

ASSETS          =

  LIABILITES          +

FUND BALANCE
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