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The County includes an independent school district and two individually chartered towns within the County. The County's Treasurer assesses and collects property taxes on behalf
The County includes an independent school district and two individually chartered towns within the County. The County's Treasurer assesses and collects property taxes on behalf of itself, the school district, and the towns. The County uses a tax collection custodial fund to record tax collections for the school district and towns. During the year ended December 31, 2020, the following transactions took place: 1. The County levied taxes as follows: County General Fund $27,000 School District 15,500 Towns 4,500 Total $47.000 2. The property taxes levied (in transaction #1) were collected. 3. The amounts collected were paid to the school district and towns. Required Prepare journal entries to record the transactions for the County's tax collection custodial fund. (If no entry is required for a transaction/event, state "No entry." Answers: Transaction No. Accounts Debits Credits
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