Journal entries for a Custodial Fund

The city of Belle collects property taxes for other local governments$-$Beau County and the Landis Independent School District $($LISD$).$ The city uses a

The following transactions and events occurred for Belle's Custodial Fund.

Property taxes were levied for Belle $($ $$3,200,000,$ Beau County $($$$1,600,000)$ and

LISD $($ $$4,800,000).$ Assume taxes collected by the Custodial Fund will be

paid to Belle's General Fund.

Property taxes in the amount of $$7,200,000$ are collected. The percentage collected

for each entity is in the same proportion as the original levy.

The amounts owed to Beau County and LISD are recognized.

The Custodial Fund distributes the amounts owed to the three governments.

Prepare journal 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 first.