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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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 Pund $25,800,000 School District 13,300,000 Towns 3,300,000 Total $42,400,000 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. View transaction list View journal entry worksheet FO X: Credit Debit 42,400,000 mments 25,800,000 16,600,000 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 16,600,000 13,300,000 3,300,000 ments 13,300.000 3,300,000 16,600,000 Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required A3 Record the transactions in the books of the Benton County General Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet :X Debit Credit 13,300,000 13,300,000 Record current property tax receivables. Record current tax received in cash. 13,300,000 13,300,000 Required A3 > Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required A3 Record the transactions in the books of the Benton County Independent School District General Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View Journal entry worksheet EX Debit Credit 3,300,000 3,300,000 Record the current property tax receivables. Record entry for cash collection of tax. 3,300,000 3,300,000 Lagud AS

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

Students also viewed these Accounting questions

Question

5. List the forces that shape a groups decisions

Answered: 1 week ago

Question

4. Identify how culture affects appropriate leadership behavior

Answered: 1 week ago