! Required information [The following information applies to the questions displayed below.) The county collector of Sun 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 4 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 Sun County General Fund. The following events occurred during the year: 1. Current-year tax levies to be collected by the custodial fund were County General Fund Town of Bayshore Sun County Consolidated School District Total $10,453,000 4,900,000 6,610,000 $21,963,000 2. During the year, $13,820,000 of the current year's taxes was collected. 3. The 4 percent administrative collection fee was recorded. A schedule of amounts collected for each participant, showing the amount withheld for the county General Fund and net amounts due to the participants, is recommended for determining the amount to be recorded for this transaction. 4. All cash in the tax custodial fund was distributed. 5. Necessary closing entries were made at fiscal year-end. x III. A Record the tax levy of all funds in the general ledger control accounts. B Record the $13,820,000 collection of taxes during the year. C Record the 4 percent administration collection fee to be deducted. D Record the distribution of cash collected during the year. E Record the closing entry for additions and deductions to net position. Note : = journal entry has been entered View transaction list View journal entry worksheet No Transaction General Journal Debit Credit A 1 Taxes Receivable for Other Funds and GovernmentsCurrent 21,963,000 Due from Other Funds 10,483,000 AdditionsProperty Tax Collections for Other Governments 11,480,000 IN B 2 13,820,000 Cash Taxes Receivable for Other Funds and Governments- Current 13,820,000 C 3 DeductionsAdministrative Fee Due to Other Funds D 4 Due to Other Funds DeductionsPayments of Property Taxes To Other Governments E 5 AdditionsProperty Tax Collections for Other Governments DeductionsAdministrative Fee ! Required information [The following information applies to the questions displayed below.) The county collector of Sun 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 4 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 Sun County General Fund. The following events occurred during the year: 1. Current-year tax levies to be collected by the custodial fund were County General Fund Town of Bayshore Sun County Consolidated School District Total $10,453,000 4,900,000 6,610,000 $21,963,000 2. During the year, $13,820,000 of the current year's taxes was collected. 3. The 4 percent administrative collection fee was recorded. A schedule of amounts collected for each participant, showing the amount withheld for the county General Fund and net amounts due to the participants, is recommended for determining the amount to be recorded for this transaction. 4. All cash in the tax custodial fund was distributed. 5. Necessary closing entries were made at fiscal year-end. x III. A Record the tax levy of all funds in the general ledger control accounts. B Record the $13,820,000 collection of taxes during the year. C Record the 4 percent administration collection fee to be deducted. D Record the distribution of cash collected during the year. E Record the closing entry for additions and deductions to net position. Note : = journal entry has been entered View transaction list View journal entry worksheet No Transaction General Journal Debit Credit A 1 Taxes Receivable for Other Funds and GovernmentsCurrent 21,963,000 Due from Other Funds 10,483,000 AdditionsProperty Tax Collections for Other Governments 11,480,000 IN B 2 13,820,000 Cash Taxes Receivable for Other Funds and Governments- Current 13,820,000 C 3 DeductionsAdministrative Fee Due to Other Funds D 4 Due to Other Funds DeductionsPayments of Property Taxes To Other Governments E 5 AdditionsProperty Tax Collections for Other Governments DeductionsAdministrative Fee
