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$26,800,000SchoolDistrict14,300,000Towns4,300,000Total$45,400,000

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 District?identify the funds.

No Events General Journal Debit Credit 1 A Taxes Receivable for Other Governments 14,300,000 X Additions-Property Taxes Collected for Other Governments 14,300,000 2 B Cash 14,300,000 X Taxes Receivable for Other Governments 14,300,000 X 3 C1 Deductions-Payment of Property Taxes to Other Governments V 14,300,000 X Amounts Payable to Other Governments 14,300,000 4 C2 Amounts Payable to Other Governments 14,300,000 X Cash 14,300,000 XNo Events General Journal Debit Credit 1 A Taxes Receivable-Current 10,000,000 X Revenues Control-(Property Taxes) 10,000,000 X 2 B Cash 10,000,000 X Taxes Receivable-Current 10,000,000 X