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. Required A1 Required A2 Required A3Record the transactions in the books of the Benton County Tax Agency Fund. (If no entry is required forJournal Entry Required" in the first account field.)View transaction list1 Record taxes receivable for other governments.2 Record tax received for other governments.3Record entry for taxes payable due to specificgovernment units.4 Record entry for cash payment to other governmentunits.Note: journal entry has been enteredRecord entryClear entryView transaction list1 Record the current property tax receivables.2 Record entry for cash collection of tax.XNote: = journal entry has been enteredClear entryRecord entry11Required A1 Required A2 Required A3Record the transactions in the books of the Benton County Independent School District General Fund.transaction/event, select "No Journal Entry Required" in the first account field.)CreditXView general journal>CreditView general journal>Required A1 Required A2 Required A3Record the transactions in the books of the Benton County General Fund. (If no entry is required forJournal Entry Required" in the first account field.)View transaction list1 Record current property tax receivables.2 Record current tax received in cash.Note: ● = journal entry has been enteredRecord entryClear entry1CreditView general journal

Government accounting records and manages the transactions of public sector entities that are at the…

Answered: Benton County includes an independent…

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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Question

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.

Required A1 Required A2 Required A3
Record the transactions in the books of the Benton County Tax Agency Fund. (If no entry is required for
Journal Entry Required" in the first account field.)
View transaction list
1 Record taxes receivable for other governments.
2 Record tax received for other governments.
3
Record entry for taxes payable due to specific
government units.
4 Record entry for cash payment to other government
units.
Note: journal entry has been entered
Record entry
Clear entry
View transaction list
1 Record the current property tax receivables.
2 Record entry for cash collection of tax.
X
Note: = journal entry has been entered
Clear entry
Record entry
1
1
Required A1 Required A2 Required A3
Record the transactions in the books of the Benton County Independent School District General Fund.
transaction/event, select "No Journal Entry Required" in the first account field.)
Credit
X
View general journal
>
Credit
View general journal
>
Required A1 Required A2 Required A3
Record the transactions in the books of the Benton County General Fund. (If no entry is required for
Journal Entry Required" in the first account field.)
View transaction list
1 Record current property tax receivables.
2 Record current tax received in cash.
Note: ● = journal entry has been entered
Record entry
Clear entry
1
Credit
View general journal

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