Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ? 1Benton County includes an independent school district and two individually chartered towns within the County. Benton County'sTreasurer assesses and collects property taxes on behalf of itself, the school district, and the towns. The County uses a tax collectioncustodial fund to record tax collections for the school district and towns. During the year ended December 31, 2020, the followingtransactions took place:1. The County levied taxes as follows:eBookPrintBenton County General FundSchool DistrictTownsTotal2. 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.Complete this question by entering your answers in the tabs below.Required A1 Required A2 Required A3Record the transactions in the books of the Benton County General Fund. (If no entry is required for a transaction/event, select "NoJournal Entry Required" in the first account field.)View transaction listJournal entry worksheet<$25,000,00012,500,0002,500,000$40,000,00012Record current property tax receivables.Note: Enter debits before credits.> 1Benton County includes an independent school district and two individually chartered towns within the County. Benton County'sTreasurer assesses and collects property taxes on behalf of itself, the school district, and the towns. The County uses a tax collectioncustodial fund to record tax collections for the school district and towns. During the year ended December 31, 2020, the followingtransactions took place:1. The County levied taxes as follows:eBookPrintBenton County General FundSchool DistrictTownsTotal2. 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.Complete this question by entering your answers in the tabs below.Required A1 Required A2 Required A3Record the transactions in the books of the Benton County Independent School District General Fund. (If no entry is required for atransaction/event, select "No Journal Entry Required" in the first account field.)View transaction listJournal entry worksheet$25,000,00012,500,0002,500,000$40,000,000<12Record the current property tax receivables.>

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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 School District Towns Total 2. The property taxes levied in part (a) were collected. 3. The amounts collected were paid to the school district and towns. $25,000,000 12,500,000 2,500,000 $40,000,000 Required: a. Prepare journal entries for Benton County and the Benton County Independent School District-Identify the funds. Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required A3 Record the transactions in the books of the Benton County General Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list

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 School District Towns Total 2. The property taxes levied in part (a) were collected. 3. The amounts collected were paid to the school district and towns. $25,000,000 12,500,000 2,500,000 $40,000,000 Required: a. Prepare journal entries for Benton County and the Benton County Independent School District-Identify the funds. Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required A3 Record the transactions in the books of the Benton County General Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list

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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