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 transcribedimage text in transcribedimage text in transcribedimage 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 Fund School District Towns Total $26,900,000 14,400,000 4,400,000 $45,700,000 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. 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 Tax Agency Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 :X: 1 Record taxes receivable for other governments. 2 Record tax received for other governments. 3 Record entry for taxes payable due to specific government units. 4 Record entry for cash payment to other government units. Credit Note : journal entry has been entered Record entry Clear entry View general journal a. Prepare journal entries for Benton County and the Benton County Independent School District-identify the funds. 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, sele Journal Entry Required" in the first account field.) View transaction list X 1 > Record current property tax receivables. 2 Record current tax received in cash. Credit 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 Fu transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list :X: 1 Record the current property tax receivables. > 2 Record entry for cash collection of tax. Credit

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

Recommended Textbook for

Quality Management Audits In Nuclear Medicine Practices IAEA Human Health Series No 33

Authors: International Atomic Energy Agency

2nd Edition

9201017154, 978-9201017154

More Books

Students also viewed these Accounting questions