Question

Property tax JE's

1. Accrual (levied)
2. Collection
3. Reclassify receivables to delinquent
4. JE to reclassify current allowance for uncollectible to delinquent and adjust revenues to accrue available amounts

Answer 1

Property taxes are taxes imposed on assets, such as real estate, to raise revenue for local governments. They are determined based on the value of the property and are considered progressive. Higher income groups typically pay property taxes.

Step-by-step explanation:

Property taxes are taxes imposed on assets, such as real estate, by local governments to raise revenue. The value of the property is determined by a government official, and a proportional tax rate is applied to that value. These taxes are considered progressive and are typically paid by higher income groups.