Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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 5 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:
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 5 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 $10,523,000 Town of Bayshore 4,935,000 Sun County Consolidated School District 6,645,000 Total $22,103,000 2. During the year, $13,890,000 of the current year's taxes was collected. 3. The 5 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. a. Prepare journal entries for each of the foregoing transactions that affected the tax custodial fund. (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.) 9 Answer is not complete. A 1 Taxes Receivable for Other Funds and GovernmentsCurrent 0 22,103,000 0 Due to Other Funds 0 10,523,000 9 AdditionsProperty Tax Collections for Other Governments 0 11,580,000 0 B 2 Cash 0 13,890,000 0 Taxes Receivable for Other Funds and GovernmentsCurreno 13,890,000 0 C 3 DeductionsAdministrative Fee 0 Due to Other Funds 0 D 4 Due to Other Funds 0 DeductionsPayments of Property Taxes To Other GovernmentQ Cash 0 13,390,000 0 E 5 AdditionsProperty Tax Collections for Other Governments 0 11,580,000 0 DeductionsAdministrative Fee 0 DeductionsPayments of Property Taxes To Other GovernmentQ Net positionRestricted for Other Governments o b. Prepare journal entries for each of the foregoing transactions that affected the Sun County General Fund. Begin with the tax levy entry, assuming 3 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.) 9 Answer is not complete. 1 Taxes ReceivableCurrent 0 10,523,000 0 Estimated Uncollectible Current Taxes 0 Revenues 315,690 9 10,207,310 9 0 Cash 0 0 Taxes ReceivableCurrent Revenues a c. Prepare journal entries for each of the foregoing entries that affected the Town of Bayshore. Begin with the tax levy entry, assuming 3 percent ofthe 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.) View journal entry worksheet Taxes ReceivableCurrent Estimated Uncollectible Current Taxes Cash Expenditures (Collection Fees) Taxes ReceivableCurrentStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started