ZuoTi.Pro
Question

Benton County includes an independent school district and two individually chartered towns within the County. Benton...

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 $ 25,500,000
School District 13,000,000
Towns 3,000,000
Total $ 41,500,000

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.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

a) Cash Account Dr. $ 41500000

Property Tax Cr $ 25500000

Tax Collection Custodial Fund Cr. $ 16000000

(Being Property tax collected for self and for school district & Towns($13000000+$3000000)

Tax Collection custodial Fund Account Dr. $ 16000000

School District Account Cr. $ 13000000

Towns Account Cr. $ 3000000

(Being journal voucher passed to transfer from Tax collection custodial fund to respective account)

School District Account Dr. $ 13000000

Towns Account Dr. $ 3000000

Cash Account Cr. $ 16000000

(Being amount transferred to respective party's account)

In the Books of Schoold Districts Accounts:

Benton County Accounts Dr. $ 13000000

Property Tax Account Cr. $ 13000000

(Being property tax receivable from Benton County)

Cash Account Dr. $ 13000000

Benton County Accounts Cr. $ 13000000

(Being property tax collected from Benton county)

In the Books of Towns Accounts:

Benton County Accounts Dr. $ 3000000

Property Tax Account Cr. $ 3000000

(Being property tax receivable from Benton County)

Cash Account Dr. $ 3000000

Benton County Accounts Cr. $ 3000000

(Being property tax collected from Benton county)

0 0
Add a comment
Know the answer?
Add Answer to:
Benton County includes an independent school district and two individually chartered towns within the County. Benton...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Benton County includes an independent school district and two individually chartered towns within the County. Benton...

    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 $25,000,000 School District $12,500,000 Towns $2,500,000...

  • Chapter 7

    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$25,000,000School District12,500,000Towns2,500,000Total$40,000,0002. The property taxes levied in part (a) were collected.3....

  • 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...

  • Jefferson County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and dis...

    Jefferson 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 2018, the following taxes were levied: 1. $6,300,000 in property taxes were levied for the General Fund, of which 2% are deemed to be uncollectible. 2. $3,450,000 in property taxes were levied for the school district. 3. $3,150,000 in property taxes were levied for a...

  • 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....

  • 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...

  • Assume that taxes were levied for Kindle County (the collecting government) and other governments as follows:...

    Assume that taxes were levied for Kindle County (the collecting government) and other governments as follows:                                     Kindle County                         $2,980,000                                     Kindle School District             10,120,000                                     City of Kazoo                            5,104,000                                     Camel Township                           732,000                                                                                    $18,936,000 Problem 3 (10 Points): Assume that taxes were levied for Kindle County (the collecting government) and other governments as follows: Kindle County Kindle School District City of Kazoo Camel Township $2,980,000 10,120,000 5,104,000 732,000 $18.936.000 REQUIRED 1. Record the...

  • 1. On June 1, 2020, a school district levies the property taxes for its fiscal year...

    1. On June 1, 2020, a school district levies the property taxes for its fiscal year that will end on June 30, 2021. The total amount of the levy is $1,000,000, and 1% is expected to be uncollectible. On levy, $250,000 is collected in June 2020 and another $500,000 is collected in July and August 2010 What is the maximum amount of property tax revenue associated with the June 1, 2020, levy that the school district might report as revenue...

  • Che QE 7-3 Agency Funds Benton County maintains a tax agency fund for use by the...

    Che 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 $18,250,000 6,000,000 4,000,000 18,250,000 4,800,000 $51,300,000 Town of Thomas Town of Hart Benton County School District Various Special Districts Total During the first six months of the fiscal year, the...

  • Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual...

    Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual basis of counting for a government property tax revenues show be recognized in the accounting period in which they G are levied b are collected in cash c are levied, subject to a provision for collectible receivables d/ are levied and become measurable wil available LO 3 MC3-16. A city-owned electric utility, which serves primarily the city's residents, sends a bill to the city...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT