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Please bold answer in explanation Benton County includes an independent school district and two individually chartered towns within the County. Benton County's Treasurer assesses and

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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 $25,400,000 12,900,000 2,900,000 $41,200,000 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. Answer is not complete. 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.) No General Journal Credit Events A Debit 41.200.000 X 1 Cash AdditionsProperty Taxes Collected for Other Governments > 25.400.000 AdditionsProperty Taxes Collected for Other Governments X 15,800.000 2 B Additions-Property Taxes Collected for Other Governments X 15.800.000 12.900.000 X AdditionsProperty Taxes Collected for Other Governments Amounts Payable to Other Governments x x 2.900.000 3 C1 12,900,000 2.900.000 15.800.000 4 C2 Cash X 12.900.000 Additions-Property Taxes Collected for Other Governments X 12.900,000 X 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, select "No Journal Entry Required" in the first account field.) No Credit Events A General Journal Due to Benton County General Fund Revenues Control(Property Taxes) Debit 12,900,000 1 12,900,000 X 2 2 B 12,900,000 Cash Due to Benton County General Fund 12,900,000 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 Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Debit Credit No 1 Events General Journal Due to Benton County General Fund Revenues Control(Property Taxes) 2,900,000 2,900,000 2 2 B 2,900,000 Cash Due to Benton County General Fund 2,900,000

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