Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Please read carefully before answering. I need help with journal entries. Please show your calculations. Please only solve the 2 journal entries requested . Entry

Please read carefully before answering. I need help with journal entries. Please show your calculations. Please only solve the 2 journal entries requested . Entry A and D

image text in transcribed

image text in transcribed

image text in transcribed

HW_Ch8 Saved 2 Part 2 of 3 Required information [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 custodial fund, the custodial fund deducts 1.7 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 during the year: 10 points 1. Current-year tax levies to be collected the custodial fund were eBook County General Fund Town of Bayshore General Fund Suncoast County Consolidated School District Other towns Total $10,353,000 4,850,000 6,560,000 3, 140,000 $ 24,903,000 Print References 2. $13,720,000 of current taxes was collected during the first half of the year. 3. Liabilities to all funds and governments as a result of the first 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 participants, is recommended for determining amounts to be recorded for this transaction.) 4. All cash in the tax custodial fund was distributed. 5. All additions and deductions were recorded by the custodial fund. Additions and deductions are aggregated because resources are held less than three months. b. Prepare journal entries for each of the foregoing transactions that affected the Suncoast County General Fund. Begin with the tax levy entry, assuming 4 percent of the gross levy will be uncollectible. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Record the revenues receivable and uncollectible. Note: Enter debits before credits. Debit Credit Transaction 1 General Journal Taxes Receivable-Current Estimated Uncollectible Current Taxes Revenues Record entry Clear entry View general journal View transaction list Journal entry worksheet k t Record the taxes collected. nces Note: Enter debits before credits. General Journal Debit Credit Transaction 4 Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

28th Edition

9781337902687

Students also viewed these Accounting questions