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.
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Information Technology Auditing
Authors: Hall, J Scott Harr
3rd Edition
1133008046, 978-1439079119
