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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text: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, 2024, the following transactions took place:
The County levied taxes as follows:
Benton County General Fund
School District
Towns
Total
$25,000,000
12,500,000
3,750,000
$41,250,000
The property taxes levied in part (a) were collected.
The amounts collected were paid to the school district and towns.
Required:
a1. Record the transactions in the books of the Benton County Tax Agency Fund.
a2. Record the transactions in the books of the Benton County General Fund.
a3. Record the transactions in the books of the Benton County Independent School District General Fund.
Complete this question by entering your answers in the tabs below.
Req A1
Req A2
Req A3
Record the transactions in the books of the Benton County Tax Agency Fund.
Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.
Expert Solution
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Step 1: Introduction
VIEW Step 2: Recording of the Journal entries/transactions in the books of Benton county tax agency fund.
VIEW Step 3: Recording of the Journal entries/transactions in the books of Benton county general fund.
VIEW Step 4: Recording of transactions in the books of Benton county independent school district general fund.
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- Define cardinality.arrow_forwardDescribe EVA.arrow_forwardZina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800arrow_forward
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