Homework Answers
Answer:
| a. Record the Transaction on the books of the Benton Country Tax Agency Fund | |||
| Benton County Tax Agency Fund | |||
| General Journal | |||
| FY 2016/2017 | |||
| Event | Account Tittle | Debit | Credit |
| 1 | Taxes Receivable for Other Governments - Current ($51300000- $18250000)) | $33,050,000 | |
| Due to Other Funds and Units | $33,050,000 | ||
| 2 | Cash ($24624000 - $8750000) | $15,874,000 | |
| Taxes Receivable for Other Governments - Current | $15,874,000 | ||
| 3 | Due to Other Funds and Units | $15,874,000 | |
| Due to Benton County General Fund ($15874000 *1.5%) | $238,110 | ||
| Due to Town of Thomas D51 | $3,546,000 | ||
| Due to Town of Hart ($2400000*0.985) | $2,364,000 | ||
| Due to Benton County School District ($8750000 *0.985) | $8,618,750 | ||
| Due to Various Special Districts ($1124000*0.985) | $1,107,140 | ||
| 4 | Due to Benton County General Fund | $238,110 | |
| Due to Town of Thomas | $3,546,000 | ||
| Due to Town of Hart | $2,364,000 | ||
| Due to Benton County School District | $8,618,750 | ||
| Due to Various Special Districts | $1,107,140 | ||
| Cash | $15,874,000 | ||
| b. Record the Transaction on the books of the Benton Country General Fund | |||
| Benton County General Fund | |||
| General Journal | |||
| FY 2016/2017 | |||
| Event | Account Tittle | Debit | Credit |
| 1 | Tax Receivable - Current | $18,250,000 | |
| Estimated Uncollectible Current Taxes ($18250000*2%) | $365,000 | ||
| Revenues | $17,885,000 | ||
| 2 | Cash | $8,750,000 | |
| Tax Receivable - Current | $8,750,000 | ||
| 3 | Due from Tax Agency Fund | $238,110 | |
| Revenues | $238,110 | ||
| 4 | Cash | $238,110 | |
| Due from Tax Agency Fund | $238,110 | ||
| c. Record the Transaction on the books of the Town of Thomas | |||
| Town of Thomas | |||
| General Fund | |||
| General Journal | |||
| FY 2016/2017 | |||
| Event | Account Tittle | Debit | Credit |
| 1 | Tax Receivable - Current | $6,000,000 | |
| Estimated Uncollectible Current Taxes ($6,000,000*2%) | $120,000 | ||
| Revenues | $5,880,000 | ||
| 2 | Due from Tax Agency Fund ($3,600,000*0.985) | $3,546,000 | |
| Expenditures ($3,600,000*1.5%) | $54,000 | ||
| Tax Receivable - Current | $3,600,000 | ||
| 4 | Cash | $3,546,000 | |
| Due from Tax Agency Fund | $3,546,000 | ||
Add Answer to:
Che QE 7-3 Agency Funds Benton County maintains a tax agency fund for use by the...
QE 7-3 Agency Funds Benton County maintains a tax agency fund for use by the County...
QE 7-3 Agency Funds Benton County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all other units of government in the county. For FY 2016-2017, the following taxes were assessed: Benton County General Fund Town of Thomas Town of Hart Benton County School District Various' Special Districts Total $18,250,000 6,000,000 4,000,000 18,250,000 4,800,000 $51,380,000 During the first six months of the fiscal year, the following...
Benton County maintains a tax agency fund for use by the County Treasurer to record receivables,...
Benton County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all other units of government in the county. For FY 2016–2017, the following taxes were assessed: Benton County General Fund $ 18,270,000 Town of Thomas 6,007,000 Town of Hart 4,005,000 Benton County School District 18,273,000 Various Special Districts 4,806,000 Total $ 51,361,000 During the first six months of the fiscal year, the following transactions took...
1. Brooks Agency set up a petty cash fund for $100. At the end of the...
1. Brooks Agency set up a petty cash fund for $100. At the end of the current period, the fund contained $16 and had the following receipts: entertainment, $53, postage, $20; and printing, $11. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. View transaction list Journal entry worksheet < 1 2 > Record the establishment of the petty cash fund. Note: Enter debits before credits....
1. Brooks Agency set up a petty cash fund for $140. At the end of the...
1. Brooks Agency set up a petty cash fund for $140. At the end of the current period, the fund contained $37 and had the following receipts: entertainment, $48; postage, $28; and printing, $27. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. Journal entry worksheet < 1 2 > Record the establishment of the petty cash fund. Note: Enter debits before credits. Transaction General Journal...
Check my wc QE 4-4 Journal Entries The Town of Quincy's fiscal year ends on June...
Check my wc QE 4-4 Journal Entries The Town of Quincy's fiscal year ends on June 30. The following data relate to the property tax levy for the fiscal year ended June 30, 2017 a. The balance in Deferred Inflows--Property Taxes was $65,000 at the end of the previous year. This was recognized as revenue in the current year in a reversing journal entry. b. On July 1, 2016. property taxes in the amount of $8,500,000 were levied. It was...
Exercise 5-1A Record credit sale (LO5-1) PD HW i Exercise 5-1A Record credit sale (L05-1) On...
Exercise 5-1A Record credit sale (LO5-1)
PD HW i Exercise 5-1A Record credit sale (L05-1) On May 7, Juanita Construction provides services on account to Michael Wolfe for $3,700. Michael pays for those services on May 13. Required: For Juanita Construction, record the service on account on May 7 and the collection of cash on May 13. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
Palmona Co. establishes a $180 petty cash fund on January 1. On January 8, the fund...
Palmona Co. establishes a $180 petty cash fund on January 1. On January 8, the fund shows $89 in cash along with receipts for the following expenditures: postage, $38; transportation-in, $12; delivery expenses, $14; and miscellaneous expenses, $27. Palmona uses the perpetual system in accounting for merchandise inventory. nts eBook Hint Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $230 on...
Journal entry worksheet 1 2 3 4 5 6 7 8 9 I established the fund...
Journal entry worksheet 1 2 3 4 5 6 7 8 9 I established the fund by cashing a check from HHC for $280 made payable to me. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 of 2 6 7 8 9 Tom Canuck provided a $84 receipt for repairs to the club's computer, so I paid $84 cash to him. Record the transaction....
3. Onondaga County maintains a tax agency fund for use by the County Treasurer to record...
3. Onondaga County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all units of government in the county. In the year 2017, the following tax y. In the year 2017, the following taxes were levied: 1. $9,000,000 in property taxes were levied for the General Fund, of which 2% are deemed to be uncollectible. 2. $5,830,000 in property taxes were levied for the school district....
Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund...
Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows $77 in cash along with receipts for the following expenditures: transportation-in, $52postage expenses, $58; and miscellaneous expenses, $132. The petty cashier could not account for a $11 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3)...
QE 7-3 Agency Funds Benton County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all other units of government in the county. For FY 2016-2017, the following taxes were assessed: Benton County General Fund Town of Thomas Town of Hart Benton County School District Various' Special Districts Total $18,250,000 6,000,000 4,000,000 18,250,000 4,800,000 $51,380,000 During the first six months of the fiscal year, the following...
1. Brooks Agency set up a petty cash fund for $100. At the end of the current period, the fund contained $16 and had the following receipts: entertainment, $53, postage, $20; and printing, $11. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. View transaction list Journal entry worksheet < 1 2 > Record the establishment of the petty cash fund. Note: Enter debits before credits....
1. Brooks Agency set up a petty cash fund for $140. At the end of the current period, the fund contained $37 and had the following receipts: entertainment, $48; postage, $28; and printing, $27. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. Journal entry worksheet < 1 2 > Record the establishment of the petty cash fund. Note: Enter debits before credits. Transaction General Journal...
Check my wc QE 4-4 Journal Entries The Town of Quincy's fiscal year ends on June 30. The following data relate to the property tax levy for the fiscal year ended June 30, 2017 a. The balance in Deferred Inflows--Property Taxes was $65,000 at the end of the previous year. This was recognized as revenue in the current year in a reversing journal entry. b. On July 1, 2016. property taxes in the amount of $8,500,000 were levied. It was...
Exercise 5-1A Record credit sale (LO5-1)
PD HW i Exercise 5-1A Record credit sale (L05-1) On May 7, Juanita Construction provides services on account to Michael Wolfe for $3,700. Michael pays for those services on May 13. Required: For Juanita Construction, record the service on account on May 7 and the collection of cash on May 13. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
Palmona Co. establishes a $180 petty cash fund on January 1. On January 8, the fund shows $89 in cash along with receipts for the following expenditures: postage, $38; transportation-in, $12; delivery expenses, $14; and miscellaneous expenses, $27. Palmona uses the perpetual system in accounting for merchandise inventory. nts eBook Hint Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $230 on...
Journal entry worksheet 1 2 3 4 5 6 7 8 9 I established the fund by cashing a check from HHC for $280 made payable to me. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 of 2 6 7 8 9 Tom Canuck provided a $84 receipt for repairs to the club's computer, so I paid $84 cash to him. Record the transaction....
3. Onondaga County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all units of government in the county. In the year 2017, the following tax y. In the year 2017, the following taxes were levied: 1. $9,000,000 in property taxes were levied for the General Fund, of which 2% are deemed to be uncollectible. 2. $5,830,000 in property taxes were levied for the school district....
Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows $77 in cash along with receipts for the following expenditures: transportation-in, $52postage expenses, $58; and miscellaneous expenses, $132. The petty cashier could not account for a $11 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3)...
Most questions answered within 3 hours.
-
The emergency room at Hospital Systems, Inc (HIS) serves
patients who arrive according to
a Poisson...
asked 1 minute ago -
The chickens at Colonel Thompson's Ranch have a mean weight of
1850 g, with a standard...
asked 14 minutes ago -
The time married men with children spend on child care averages
5.9 hours per week (Time,...
asked 19 minutes ago -
There are many minerals which contain sliver. One of them,
smithite, is placed in water and...
asked 17 minutes ago -
22.3 g of fructose, C6H12O6,
are dissolved completely in 75.5 mL of pure water at 20.0...
asked 40 minutes ago -
Two bankrobbers are standing side by side, trying to push open
the door of a safe...
asked 41 minutes ago -
2. You want to buy a house. You can make an initial payment of
$200,000 and...
asked 38 minutes ago -
Why study the ‘Economic environment’ of a country? Describe the
information you will be collecting in...
asked 29 minutes ago -
A chandelier with mass m is suspended from a cable with mass M
from the ceiling....
asked 39 minutes ago -
How many disk accesses are needed to bring byte i of a file
into memory when...
asked 42 minutes ago -
Compare/Contrast the Lac and Ara operons.
asked 58 minutes ago -
Part A
What is the maximum speed with which a 1200-kg car can round a
turn...
asked 59 minutes ago