The following activities occur for ABC County. During 2020, businesses in a county collect $10,000,000 in sales taxes from customers. These taxes are remitted to the county with 50% deposited in the General Fund and 50% deposited in a Custodial Fund. Using the attached T-account template or a spreadsheet with proper classifications and account names, prepare the journal entries to record the above activities in each fund.

The following activities occur for ABC County. During 2020, businesses in a county collect $10,000,000 in sales taxes from customers. These taxes are remitted to the county with 50% deposited in the General Fund and 50% deposited in a Custodial Fund. Using the attached T-account template or a spreadsheet with proper classifications and account names, prepare the journal entries to record the above activities in each fund.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 53P

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