FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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.
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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.
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