The Town of Ashland levied property taxes in the amount of $800,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include (Points : 2)
A debit to cash for $792,000.
A credit to revenues for $792,000.
A debit to estimated uncollectible current taxes for $8,000.
A debit to estimated revenues for $800,000.