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What is the general journal entry? On October 15, 2003, the city's tax agency fund that collects general taxes for the city and parish received
What is the general journal entry? On October 15, 2003, the city's tax agency fund that collects general taxes for the city and parish received $360,000 in tax monies. |
Of the $360,000, 70% represents taxes collected on behalf of the city and 30% represents taxes collected on behalf of the parish. |
(Note: You should only prepare entries for the city - not for the parish. Assume no revenues have been recorded by city and parish before.) |
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