Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Benton County includes an independent school district and two individually chartered towns within the County. Benton County's Treasurer assesses and collects property taxes on behalf

Benton County includes an independent school district and two individually chartered towns within the County. Benton County's 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 $ 25,300,000

School District 12,800,000

Towns 2,800,000

Total $ 40,900,000

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 taxes receivable for other governments.

Record tax received for other governments.

Record entry for taxes payable due to specific government units.

Record entry for cash payment to other government units.

Record current property tax receivables.

Record current tax received in cash.

Record the current property tax receivables.

Record entry for cash collection of tax.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Ethical Obligations and Decision Making in Accounting Text and Cases

Authors: Steven M. Mintz, Roselyn E. Morris

5th edition

1259969460, 73403997, 1260480852, 978-1259969461

More Books

Students also viewed these Accounting questions

Question

2. Information that comes most readily to mind (availability).

Answered: 1 week ago