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 $ 26,600,000 School District 14,100,000 Towns 4,100,000 Total $ 44,800,000 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.
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 $ 26,600,000 School District 14,100,000 Towns 4,100,000 Total $ 44,800,000 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.
Chapter15: Property Transactions: Nontaxable Exchanges
Section: Chapter Questions
Problem 4RP
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Question
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 | $ | 26,600,000 | |
| School District | 14,100,000 | ||
| Towns | 4,100,000 | ||
| Total | $ | 44,800,000 | |
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
Transcribed Image Text:Required A1 Required A2 Required A3
Record the transactions in the books of the Benton County Tax Agency Fund. (If no entry is required for
Journal Entry Required" in the first account field.)
View transaction list
1 Record taxes receivable for other governments.
2 Record tax received for other governments.
3
Record entry for taxes payable due to specific
government units.
4 Record entry for cash payment to other government
units.
Note: journal entry has been entered
Record entry
Clear entry
View transaction list
1 Record the current property tax receivables.
2 Record entry for cash collection of tax.
X
Note: = journal entry has been entered
Clear entry
Record entry
1
1
Required A1 Required A2 Required A3
Record the transactions in the books of the Benton County Independent School District General Fund.
transaction/event, select "No Journal Entry Required" in the first account field.)
Credit
X
View general journal
>
Credit
View general journal
>
Required A1 Required A2 Required A3
Record the transactions in the books of the Benton County General Fund. (If no entry is required for
Journal Entry Required" in the first account field.)
View transaction list
1 Record current property tax receivables.
2 Record current tax received in cash.
Note: ● = journal entry has been entered
Record entry
Clear entry
1
Credit
View general journal
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