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1. Current-year tax levies to be collected by the custodial fund were County General Fund Town of Bayshore Sun County Consolidated School District Total $10,503,000 4,925,000 6,635,000 $22,063,000 2. During the year, $13,870,000 of the current year's taxes was collected. 3. The 5 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. 4. All cash in the tax custodial fund was distributed. 5. Necessary closing entries were made at fiscal year-end. Required 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. Ro your answers to the nearest whole dollar amount.)

1. Current-year tax levies to be collected by the custodial fund were County General Fund Town of Bayshore Sun County Consolidated School District Total $10,503,000 4,925,000 6,635,000 $22,063,000 2. During the year, $13,870,000 of the current year's taxes was collected. 3. The 5 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. 4. All cash in the tax custodial fund was distributed. 5. Necessary closing entries were made at fiscal year-end. Required 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. Ro your answers to the nearest whole dollar amount.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Current-year tax levies to be collected by the custodial fund were County General Fund Town of Bayshore Sun County Consolidated School District Total $10,503,000 4,925,000 6,635,000 $22,063,000 2. During the year, $13,870,000 of the current year's taxes was collected. 3. The 5 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. 4. All cash in the tax custodial fund was distributed. 5. Necessary closing entries were made at fiscal year-end. Required 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.) View transaction list View journal entry worksheet ☑ Debit Credit -Current 22,063,000 A Record the tax levy of all funds in the general ledger control accounts. ernments B Record the $13,870,000 collection of taxes during the year. Record the 5 percent administration collection fee to be deducted. D Record the distribution of cash collected during the year. E Record the closing entry for additions and deductions to net position. 10,503,000 11,560,000 13,870,000 its-Current 13,870,000
Transcribed Image Text:1. Current-year tax levies to be collected by the custodial fund were County General Fund Town of Bayshore Sun County Consolidated School District Total $10,503,000 4,925,000 6,635,000 $22,063,000 2. During the year, $13,870,000 of the current year's taxes was collected. 3. The 5 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. 4. All cash in the tax custodial fund was distributed. 5. Necessary closing entries were made at fiscal year-end. Required 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.) View transaction list View journal entry worksheet ☑ Debit Credit -Current 22,063,000 A Record the tax levy of all funds in the general ledger control accounts. ernments B Record the $13,870,000 collection of taxes during the year. Record the 5 percent administration collection fee to be deducted. D Record the distribution of cash collected during the year. E Record the closing entry for additions and deductions to net position. 10,503,000 11,560,000 13,870,000 its-Current 13,870,000
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