Question
1. The County levied taxes as follows: Benton County General Fund $ 25,000,000 School District 12,500,000 Towns 2,500,000 Total $ 40,000,000 2. The property taxes
1. The County levied taxes as follows:
| Benton County General Fund | $ | 25,000,000 | |
| School District | 12,500,000 | ||
| Towns | 2,500,000 | ||
| Total | $ | 40,000,000 | |
2. The property taxes levied in part (a) were collected. 3. The amounts collected were paid to the school district and towns. Required: a. Prepare journal entries for Benton County and the Benton County Independent School Districtidentify the funds.
Record the transactions in the books of the Benton County Tax Agency Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Record the transactions in the books of the Benton County General Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Record the transactions in the books of the Benton County Independent School District General Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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Construction Industry IRS Audit Techniques Guide
Authors: Internal Revenue Service
1st Edition
1304131920, 978-1304131928
