Tax Journal Entries

Question 1

Record Preliminary Tax Levy

Answer 1

Debit - CY Tax Receivable
Credit - Reserve for CY Tax Receivable
To Record Preliminary Tax Levy

Question 2

Apply PrePaid Taxes

Answer 2

Debit - Prepaid Taxes
Credit - CY Tax Receivable
to apply prepaid taxes

Question 3

Record Senior Citizens/Veterans Allowed

Answer 3

Debit - Due From State of NJ
Credit - CY Tax Receivable
to record senior citizen/veteran allowed

Question 4

Record Senior Citizen Disallowed

Answer 4

Debit - CY Tax Receivable
Credit - Due to State of NJ
To record Senior Citizen disallowed

Question 5

Record Final Tax Levy

Answer 5

Debit - CY Taxes Receivable
Credit - Reserve fro CY Taxes Receivable
To Record final tax levy

Question 6

Record Senior Citizen/Veterans Per Tax Dulpicate

Answer 6

Debit - Due from State of NJ
Credit - CY Tax Receivable
To record Senior Citizon/Veteran Per Tax Duplicate

Question 7

Record Added Assessment

Answer 7

Debit - CY Tax Receivable
Credit - Reserve for CY Tax Receivable
To Record Added Assessment

Question 8

Record County Board Tax Collections

Answer 8

Debit - Reserve for CY Tax Receivable
Credit - CY Taxes Receivable
To Record County Board Tax Cancellations

Question 9

Record 2018 Taxes accrued to Tax Title Liens

Answer 9

Debit - Tax Title Liens
Debit - Reserve for CY Tax Receiveable
Credit - CY Taxes Receivable
Credit - Reserve for Tax Title Liens
To record 2018 Taxes Accrued to Tax Title Liens

Question 10

Record the Total Cash Realized

Answer 10

Debit - Reserve for CY Tax Receivable
Credit - Amount to be Raised by Taxation
To Realize CY tax revenue

Question 11

Compute the % of Collections

Answer 11

Total Cash Realized / Total Tax Levy

Question 12

School Tax Rate

Answer 12

School Levy / Total Levy x 100

Question 13

Average Residential Property Value

Answer 13

Total Residential Levy / Quantity

Question 14

School Tax Levy on Average

Answer 14

Avg P/V x School Tax Rate / 100

Question 15

To Record Taxes Payable

Answer 15

Debit - Amount to be raised by Taxation
Credit - Each Taxes Payable (Fire/County /School)

Question 16

To record a Tax Sale (Same Year)

Answer 16

Debit - Tax Title Liens
Debit - Reserve for Tax Receivable

Credit - Reserve for Tax Title Liens
Credit - Tax Receiavable

Question 17

To apply Tax Overpayment

Answer 17

Debit - Tax Overpayments
Credit - Taxes Receivable

Question 18

To Record tax overpayment

Answer 18

Debit - Tax Receivable
Credit - Tax overpayments