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
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
