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.)
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- Please help solve the below: see picture attached. 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: Current-year tax levies to be collected by the custodial fund were County General Fund $ 10,443,000 Town of Bayshore 4,895,000 Sun County Consolidated School District 6,605,000 Total $ 21,943,000 During the year, $13,810,000 of the current year's taxes was collected. The 5 percent administrative collection fee was recorded. A schedule of amounts collected for…Required information Skip to question [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: Current-year tax levies to be collected by the custodial fund were County General Fund $ 10,383,000 Town of Bayshore 4,865,000 Sun County Consolidated School District 6,575,000 Total $ 21,823,000 During the year, $13,750,000 of the current year's taxes was collected. The 5 percent administrative…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 $27,000,000 School District 14,500,000 Towns 4,500,000 Total $46,000,000 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.”)
- Benton County includes an independent school district and two individually chartered towns within the County. Benton 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, 2024, the following transactions took place: The County levied taxes as follows: Benton County General Fund $23,700,000 School District 10,500,000 Towns 3,510,000 Total $37,710,000 The property taxes levied in part (a) were collected. The amounts collected were paid to the school district and towns. Required: a1. Record the transactions in the books of the Benton County Tax Agency Fund. a2. Record the transactions in the books of the Benton County General Fund. a3. Record the transactions in the books of the Benton County Independent School District General Fund.6. Washington County assumed the responsibility of collecting property taxes for all governments within its boundaries. In order to reimburse the county for expenditures for administering the Tax Agency Fund, the Tax Agency Fund is to deduct 1.5 percent from the collections from the city and school district. The total amount deducted is to be added to the collections for the county and remitted to the County General Fund. You are to record the following transactions in the accounts of the Washington County Tax Agency Fund. 1. Current year tax levies to be collected by the Tax Agency Fund were:County General Fund -- $9,800,000Town of Samuels -- 6,200,000Washington County School District -- 9,600,000 2. In the first half of the year $4,120,000 was collected for the County General Fund, $3,456,000 for the Town and $4,608,000 for the School District. 3. Liabilities to all three units were recorded. Required: Record the transactions in the accounts of the Washington County Tax Agency Fund.Benton County includes an independent school district and two individually chartered towns within the County. Benton 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: Benton County General Fund $ 26,600,000 School District 14,100,000 Towns 4,100,000 Total $ 44,800,000 2. The property taxes levied in part (a) were collected.3. The amounts collected were paid to the school district and towns.Required:a. Prepare journal entries for Benton County and the Benton County Independent School District—identify the funds.
- For each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…For each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…The city of Belle collects property taxes for other local governments—Beau County and the Landis Independent School District (LISD). The city uses a Property Tax Collection Custodial Fund to account for its collection of property taxes for itself, Beau County, and LISD. The following transactions and events occurred for Belle's Custodial Fund. 1. Property taxes were levied for Belle ( $1,500,000), Beau County ( $750,000) and LISD ( $2,250,000). Assume taxes collected by the Custodial Fund will be paid to Belle’s General Fund. 2. Property taxes in the amount of $3,375,000 are collected. The percentage collected for each entity is in the same proportion as the original levy. 3. The amounts owed to Beau County and LISD are recognized. 4. The Custodial Fund distributes the amounts owed to the three governments. Prepare journal entries to record the above transactions and events for Belle’s Custodial Fund. If an entry affects more than one debit or credit account, enter the accounts in…
- The city of Belle collects property taxes for other local governments—Beau County and the Landis Independent School District (LISD). The city uses a Property Tax Collection Custodial Fund to account for its collection of property taxes for itself, Beau County, and LISD.The following transactions and events occurred for Belle's Custodial Fund.1. Property taxes were levied for Belle ( $1,000,000), Beau County ( $500,000) andLISD ( $1,500,000). Assume taxes collected by the Custodial Fund will bepaid to Belle’s General Fund.2. Property taxes in the amount of $2,250,000 are collected. The percentage collectedfor each entity is in the same proportion as the original levy.3. The amounts owed to Beau County and LISD are recognized.4. The Custodial Fund distributes the amounts owed to the three governments.Prepare journal entries to record the above transactions and events for Belle’s Custodial Fund. If an entry affects more than one debit or credit account, enter the accounts in order of…In recording its property tax assessment for the year, a county government estimates the amount of uncollectible taxes. How is this estimate reflected in the financial statements: An expenditure under General Government Operations. A credit to Taxes Receivable. A reduction in Property Tax Revenue. A debit to Estimated Uncollectible Taxes.The City of Greystone maintains its books so as to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: The City levied property taxes for the current fiscal year in the amount of $8,000,000. At year-end, $720,000 of the taxes had not been collected. It was estimated that $330,000 of that amount would be collected during the 60 days after the end of the fiscal year and that $360,000 would be collected after that time and the balance would be uncollectible. The City had recognized the maximum of property taxes allowable under modified accrual accounting. $255,000 of property taxes had been deferred at the end of the previous year and was recognized under modified accrual as revenue in the current year. In addition to the expenditures reported under modified accrual accounting, the city computed that an additional $104,000…