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Business, 13.02.2020 20:06 Animallover100

The City of Jonesboro awards discounts on taxes for timely payment. Specifically, taxpayers get a 1% discount on the total tax if it is paid within one month of the initial levy. What would the journal entry be to record the levy of $700,000 if the government anticipates there will be a 2% uncollectible rate and it is anticipated that the discounts will be $5,000.

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