Answer:
S/N Account Titles & Explanation Debit Credit
1) Taxes Receivable—Current $3,300,000
Estimated Uncollectible Current Taxes $66,000
Revenues $3,234,00
2) Cash $2,987,500
Tax Receivable-current $2,987,500
3) Cash $28,900
Tax Receivable- Delinquent $26,500
Interest and Penalties Receivable On Taxes $2,400
4) Penalties and Interest Receivable $3,750
Estimated Uncollectible Interest $650
and Penalties
Revenues $3,100
5) Taxes Receivable- Delinquent $312,500
($3300000-$2987500)
Estimated Uncollectible Current Taxes $66,000
Taxes Receivable- Current $312,500
Estimated Uncollectible Delinquent Taxes $66,000
