Question
Benton County includes an independent school district and two individually chartered towns within the County. Benton Countys Treasurer assesses and collects property taxes on behalf
Benton County includes an independent school district and two individually chartered towns within the County. Benton Countys Treasurer assesses and collects property taxes on behalf of itself, the school district, and the towns. The County uses a tax collection custodial fund to record tax collections for the school district and towns. During the year ended December 31, 2020, the following transactions took place: 1. The County levied taxes as follows:
Benton County General Fund | $ | 26,000,000 | |
School District | 13,500,000 | ||
Towns | 3,500,000 | ||
Total | $ | 43,000,000 | |
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.
No | Events | General Journal | Debit | Credit |
---|---|---|---|---|
1 | A | Taxes Receivable for Other Governmentsselected answer correct | 39,500,000selected answer incorrect | not attempted |
AdditionsProperty Taxes Collected for Other Governmentsselected answer correct | not attempted | 39,500,000selected answer incorrect | ||
2 | B | Cashselected answer correct | 39,500,000selected answer incorrect | not attempted |
Taxes Receivable for Other Governmentsselected answer correct | not attempted | 39,500,000selected answer incorrect | ||
3 | C1 | DeductionsPayment of Property Taxes to Other Governmentsselected answer correct | 39,500,000selected answer incorrect | not attempted |
Amounts Payable to Other Governmentsselected answer correct | not attempted | 39,500,000selected answer incorrect | ||
4 | C2 | Amounts Payable to Other Governmentsselected answer correct | 33,500,000selected answer incorrect | not attempted |
Cashselected answer correct | not attempted | 33,500,000 |
No | Events | General Journal | Debit | Credit |
---|---|---|---|---|
1 | A | Taxes ReceivableCurrentselected answer correct | 26,000,000selected answer correct | not attempted |
Revenues Control(Property Taxes)selected answer correct | not attempted | 26,000,000selected answer correct | ||
2 | B | Taxes ReceivableCurrentselected answer incorrect | 13,500,000selected answer incorrect | not attempted |
Revenues Control(Property Taxes)selected answer incorrect | not attempted | 13,500,000selected answer incorrect |
No | Events | General Journal | Debit | Credit |
---|---|---|---|---|
1 | A | Estimated Uncollectible Current Taxesselected answer incorrect | 13,500,000selected answer correct | not attempted |
Revenues Control(Property Taxes)selected answer correct | not attempted | 13,500,000selected answer correct | ||
2 | B | Cashselected answer correct | 13,600,000selected answer incorrect | not attempted |
Estimated Uncollectible Current Taxesselected answer incorrect | not attempted | 13,600,000selected answer incorrect |
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