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Journal entries for a Custodial Fund The city of Belle collects property taxes for other local governmentsBeau County and the Landis Independent School District (LISD). The clty uses a Property Tax Collection Custodial Fund to account for its collection of property taxes for itself, Beau Countyr and LISD. The following transactions and events occurred for Belle's Custodial Fund. 1 . Property taxes were levied for Belle ( $2,400,000), Beau County ( $1,200,000) and LISD( $3,600,000). Assume taxes collected by the Custodial Fund will be paid to Belle's General Fund. 2. Property taxes in the amount of $5,400,000 are collected. The percentage collected for each entity is in the same proportion as the original levy. 3. The amounts owed to Beau County and LISD are recognized. 4. The Custodial Fund distributes the amounts owed to the three governments. Preparejournal entries to record the above transactions and events for Belle's Custodial Fund. If an entry affects more than one debit or credit account, enter the accounts in order of magnitude (largest to smallest balances), debits rst. Account Debit Credit Property taxes receivable for the city-current v 2400000 Property taxes receivable for other governments-current 4800000 0 v Due to General Fund 2400000 V Additions-property taxes collected for other governments 0 4800000 V To record levy of property tax. Cash V 5400000 0 V Property taxes receivable for the city-current v 1800000 v Property taxes receivable for other governments-current O 3600000 V To record the collection of part of the property tax. Property taxes receivable for other governments-current O X Property taxes receivable for the city-current V O X Due to Landis ISD O O X Due to Beau County O 1200000 x To record allocation of property taxes collected. Due to General Fund v O X Due to Landis ISD 0 O X Due to Beau County 2400000 O X Cash O X To record distribution of property taxes collected