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 2 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:

Current-year tax levies to be collected by the custodial fund were

County General Fund $ 7,664,480

Town of Bayshore 5,508,845

Sun County Consolidated School District 10,778,175

Total $ 23,951,500

During the year, $20,358,000 of the current year's taxes was collected.

The 2 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.

All cash in the tax custodial fund was distributed.

Necessary closing entries were made at fiscal year-end.

Prepare journal entries for each of the foregoing transactions that affected the Sun County General Fund. Begin with the tax levy entry, assuming 1 percent of the gross levy will be uncollectible.