Question
TAX AGENCY FUNDS GENERAL JOURNAL ENTRIES TO RECORD THE FOLLOWING TRANSACTIONS IN THE GENERAL LEDGERS OF THE STATE , THE COUNTY GENERAL FUND , AND
TAX AGENCY FUNDS
GENERAL JOURNAL ENTRIES TO RECORD THE FOLLOWING TRANSACTIONS IN THE GENERAL LEDGERS OF THE STATE , THE COUNTY GENERAL FUND , AND THE COUNTY TAX AGENCY FUNDS.
1.THE COUNTY TAX AGENCY FUND HAS BEEN ESTABLISHED TO ACCOUNT FOR THE COUNTYS DUTIES OF COLLECTING THE COUNTY AND STATE PROPERTY TAXES.THE LEVIES FOR THE 20X0 WERE 600,000 FOR THE COUNTY GENERAL FUND AND 480,000 FOR THE STATE .IT IS EXPECTED THAT UNCOLLECTIBLE TAXES WILL BE 10,000 FOR THE STATE AND 15,000 FOR THE COUNTY.
2.COLLECTIONS WERE 300,000 FOR THE COUNTY AND 240,000 FOR THE STATE.
3.THE COUNTY IS ENTITLED TO A FEE 1% OF TAXES COLLECTED FOR OTHER GOVERNMENTS.THE AMOUNTS DUE TO THE STATE AND TO THE COUNTY GENERAL FUND ARE PAID EXCEPT FOR THE COLLECTION FEE DUE TO THE COUNTY GENERAL FUND.
4.THE FEE IS TRANSMITTED FROM THE TAX AGENCY FUND TO THE COUNTY GENERAL FUND.
5.UNCOLLECTIBLE TAXES IN THE AMOUNT OF 5,000 FOR THE STATE AND 6,000 FOR THE COUNTY ARE WRITTEN OFF.
B. PREPARE DE GAAP BASED STATEMENT OF NET POSITION FOR THE TAX AGENCY FUND .ASUME THAT THE BEGINNING BALANCES OF TAXES RECEIVABLE WERE COUNTY 120,000, AND STATE,96,000.
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