Question
I am needing help on getting started. I keep getting the transactions of the books incorrect. Am I do deduct the percent to the amount
I am needing help on getting started. I keep getting the transactions of the books incorrect. Am I do deduct the percent to the amount shown for each county?
Benton County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all other units of government in the county. For FY 2016-2017, the following taxes were assessed:
Benton County General Fund$18,310,000
Town of Thomas6,021,000T
own of Hart4,015,000
Benton County School District18,319,000
Various Special Districts4,818,000
Total$51,483,000
During the first six months of the fiscal year, the following transactions took place:
- The tax levy became effective. All units of government provided for an estimated 2 percent in uncollectible taxes.
- Cash collections of the first installment of taxes were as follows:
Benton County General Fund$8,780,000Town of Thomas3,612,000Town of Hart2,409,000Benton County School District8,783,000Various Special Districts1,127,000Total$24,711,000
- Record the liability to the other governmental units, assuming that the county General Fund charges other governments 1.5 percent of all tax collected because the county General Fund incurs all costs of billing, recording, and collecting taxes.
- Cash was paid to the various governmental units.
Required:
a.Record the transactions on the books of the Benton County Tax Agency Fund.
b.Record the transactions on the books of the Benton County General Fund.
c.Record the transactions on the books of the Town of Thomas.
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