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	$	26,600,000
School District		14,100,000
Towns		4,100,000
Total	$	44,800,000

2. The property taxes levied in part (a) were collected. 3. The amounts collected were paid to the school district and towns. Required: 2. Prepare journal entries for Benton County and the Benton County Independent School Districtidentify the funds. (The property taxes levied in part (a) were collected.)

• Record current property tax receivables.
• Record current tax received in cash.

3. Prepare journal entries for Benton County and the Benton County Independent School Districtidentify the funds. (The amounts collected were paid to the school district and towns.)

• Record the current property tax receivables.
• Record entry for cash collection of tax.