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.”

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.”

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 45P

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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.
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.
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