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I need help with all the wrong answers, marked with a RED X. Thank you. [The following information applies to the questions displayed below.] The

I need help with all the wrong answers, marked with a RED X. Thank you.

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[The following information applies to the questions displayed below.] The county collector of Suncoast County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax agency fund, the agency fund deducts 1.8 percent from the collections for the town, the school district, and the other towns. The total amount deducted is added to the collections for the county and remitted to the Suncoast County General Fund. The following events occurred in 2017: 1. Current-year tax levies to be collected by the agency were: County General Fund $10,363,000 Town of Bayshore General Fund 4,855,000 Suncoast County Consolidated School District 6,565,000 Other towns 3,150,000 Total $24,933,000 2. $13,730,000 of current taxes was collected during the rst half of 2017. 3. Liabilities to all funds and governments as a result of the rst half-year collections were recorded. (A schedule of amounts collected for each participant, showing the amount withheld for the county General Fund and net amounts due the partlcipants, is recommended for determining amounts to be recorded for this transaction.) 4. All cash in the tax agency fund was distributed. Required a. Prepare journal entries for each of the foregoing transactions that affected the tax agency fund. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account eld. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Q Answer is complete but not entirely correct. 1 1 Taxes Receivable for Other Funds and GovemmentsCurrent 0 24,933,000 0 Due to Other Funds and Governments 0 24,933,000 0 2 2 Cash 9 13,730,000 0 Taxes Receivable for Other Funds and GovemmentsCurrent 0 13,730,000 0 3 3 Due to Other Funds and Governments 0 13,730,000 0 Due to County General Fund 9 5,947,354 Q Due to Town of Bayshore 0 2,593,325 6 Due to Sunooast County Consolidated School District 9 3,506,731 Q Due to Various Towns 0 1,682,590 6 4 4 Due to County General Fund 0 5,947,354 6 Due to Town of Bayshore 0 2,593,325 0 Due to Suncoast County Consolidated School District 0 3,506,731 0 Due to Various Towns 0 1,682,590 8 Cash 0 13,730,000 9 b. Prepare journal entries for each of the foregoing transactions that affected the Suncoast County General Fund. Begin with the tax levy entry, assuming 5 percent of the gross levy will be uncollectible. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the rst account eld. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) 0 Answer is complete but not entirely correct. 1 1 Taxes ReceivableCurrent 0 10,363,000 0 Estimated Uncollectible Current Taxes 0 518,150 0 Revenues 0 9,844,850 0 2 4 No Journal Entry Required 0 3 3 No Journal Entry Required 0 4 2 Cash 0 5,947,354 Q Taxes ReceivableCurrent 0 5,705,553 0 Revenues (Collection Fees) 0 240,700 6 c. Prepare journal entries for each of the foregoing entries that affected the Town of Bayshore General Fund. Begin with the tax levy entry, assuming 3 percent of the gross levy will be uncollectible. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the rst account eld. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Q Answer is complete but not entirely correct. 1 1 Taxes ReceivableCurrent 0 4,855,000 0 Estimated Uncollectible Current Taxes 0 145,650 0 Revenues 0 4,709,350 0 2 2 No Journal Entry Required 0 3 3 No Journal Entry Required 0 4 4 Cash 0 2,593,326 6 Expenditures (Collection Fees) 0 80,206 0 Taxes ReceivableCurrent 0 2,673,351 9

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