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.)
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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Bb.20.
![Required information
[The following information applies to the questions displayed below.]
The county collector of Suncoast 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 2.6 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 Suncoast County General
Fund.
The following events occurred during the year:
1. Current-year tax levies to be collected by the custodial fund were
County General Fund
Town of Bayshore General Fund
Suncoast County Consolidated School District
Other towns
Total
$10,443,000
4,895,000
6,605,000
3,230,000
$25,173,000
2. $13,810,000 of current taxes was collected during the first half of the year.
3. Liabilities to all funds and governments as a result of the first half-year collections were recorded. (A schedule of
amounts collected for each participant, showing the amount withheld for the county General Fund and net amounts due
the participants, is recommended for determining amounts to be recorded for this transaction.)
4. All cash in the tax custodial fund was distributed.
5. All additions and deductions were recorded by the custodial fund. Additions and deductions are aggregated because
resources are held less than three months.
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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2b0758f8-75e4-4f0d-8388-79ccc38d3238%2Fd06ec909-52c7-4f1a-a7b6-54e76ca9b053%2Fn5p91wi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
The county collector of Suncoast 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 2.6 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 Suncoast County General
Fund.
The following events occurred during the year:
1. Current-year tax levies to be collected by the custodial fund were
County General Fund
Town of Bayshore General Fund
Suncoast County Consolidated School District
Other towns
Total
$10,443,000
4,895,000
6,605,000
3,230,000
$25,173,000
2. $13,810,000 of current taxes was collected during the first half of the year.
3. Liabilities to all funds and governments as a result of the first half-year collections were recorded. (A schedule of
amounts collected for each participant, showing the amount withheld for the county General Fund and net amounts due
the participants, is recommended for determining amounts to be recorded for this transaction.)
4. All cash in the tax custodial fund was distributed.
5. All additions and deductions were recorded by the custodial fund. Additions and deductions are aggregated because
resources are held less than three months.
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.)
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