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:
this is all info provided 1. The County levied taxes as follows:
Benton County General Fund | $ | 25,000,000 | |
School District | 12,500,000 | ||
Towns | 2,500,000 | ||
Total | $ | 40,000,000 | |
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.
Record the transactions in the books of the Benton County Tax Agency Fund.
Record the transactions in the books of the Benton County General Fund.
Record the transactions in the books of the Benton County Independent School District General Fund.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started