Please do not give solution in image format ?. [The following information applies to the questions displayed below]The county collector of Sun County is responsible for collecting all property taxes levied by funds and governments withinthe boundaries of the county. To reimburse the county for estimated administrative expenses of operating the taxcustodial fund, the custodial fund deducts 5 percent from the collections for the town, the school district, and the othertowns. The total amount deducted is added to the collections for the county and remitted to the Sun County GeneralFundThe following events occurred during the year:1. Current-year tax levies to be collected by the custodial fund were42. During the year, $13,810,000 of the current year's taxes was collected.3. The 5 percent administrative collection fee was recorded. A schedule of amounts collected for each participant,showing the amount withheld for the county General Fund and net amounts due to the participants, is recommendedfor determining the amount to be recorded for this transaction.4 All cash in the tax custodial fund was distributed5. Necessary closing entries were made at fiscal year-end.Show Transcribed TextNoABCounty General FundTown of BayshoreSun County Consolidated School District.TotalCDCDTransactionE1234Show Transcribed Text345General JournalTaxes Receivable for Other Funds and Governments-Current ODue to Other Funds♡Additions-Property Tax Collections for Other GovernmentsCashTaxes Receivable for Other Funds and Governments-CurrenDeductions-Administrative FeeDue to Other Funds$10,443,0004,895,0006,605,000$21,943,000Deductions-Administrative FeeDue to Other FundsDue to Other FundsDeductions Payments of Property Taxes To Other GovernmentsCash3♥ 13,810.000O→ODue to Other FundsDeductions Payments of Property Taxes To Other GovernmentCashO•Additions-Property Tax Collections for Other GovernmentsDeductions-Administrative FeeDeductions Payments of Property Taxes To Other GovernmentNet position-Restricted for Other Governments•ODebit21,943,000O11.500.000Credit10,443,00011,500,00013.810,000413,810.00013,810,000

It is a type of investment vehicle that holds money on behalf of taxpayers until it is needed to pay…

[The following information applies to the questions displayed below] The county collector of Sun County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax custodial fund, the custodial fund deducts 5 percent from the collections for the town, the school district, and the other towns. The total amount deducted is added to the collections for the county and remitted to the Sun County General Fund The following

[The following information applies to the questions displayed below] The county collector of Sun County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax custodial fund, the custodial fund deducts 5 percent from the collections for the town, the school district, and the other towns. The total amount deducted is added to the collections for the county and remitted to the Sun County General Fund The following

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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