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Journal entries for a Custodial Fund The city of Belle collects property taxes for other local...
Journal entries for a Custodial Fund The city of Belle collects property taxes for other local governments—Beau County and the Landis Independent School District (LISD). The city uses a Property Tax Collection Custodial Fund to account for its collection of property taxes for itself, Beau County, and LISD. Prepare journal entries to record the following transactions and events for Belle’s Custodial Fund during calendar year 2019. 1. During 2019, property taxes were levied for Belle ($2,000,000), Beau County ($1,000,000) and LISD ($3,000,000). Assume taxes collected by the Custodial Fund will be paid to Belle’s General Fund. 2. Property taxes in the amount of $4,500,000 are collected. The percentage collected for each entity is in the same proportion as the original levy. 3. The amount owed to the city of Belle, Beau County, and LISD is recognized. The city of Belle charges an administrative fee to Beau County ($20,000) and LISD ($60,000) to collect the taxes, which reduces the amount owed to Beau County and LISD. 4. The Custodial Fund distributes the amount owed to the three governments.
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ekkarill92 answered 2 months agoRelated Solutions
The city of Belle collects property taxes for other local governments—Beau County and the Landis Independent...
The city of Belle collects property taxes for other local
governments—Beau County and the Landis Independent School District
(LISD). The city uses a Property Tax Collection Custodial Fund to
account for its collection of property taxes for itself, Beau
County, and LISD.
Prepare journal entries to record the following transactions and
events for Belle’s Custodial Fund during calendar year 2019.
1. During 2019, property taxes were levied for Belle
($2,000,000), Beau County ($1,000,000) and LISD ($3,000,000).
Assume taxes collected by...
The city of Belle collects property taxes for other local governments—Beau County and the Landis Independent...
The city of Belle
collects property taxes for other local governments—Beau County and
the Landis Independent School District (LISD). The city uses a
Property Tax Collection Custodial Fund to account for its
collection of property taxes for itself, Beau County, and LISD.
Prepare journal entries to record the following transactions and
events for Belle’s Custodial Fund during calendar year 2019.
1. During 2019,
property taxes were levied for Belle ($2,000,000), Beau County
($1,000,000) and LISD ($3,000,000). Assume taxes collected by...
A city uses a Property Tax Collection Custodial Fund to account for the collection of property taxes for itself, a county, and a school district.
Part VII: Custodial FundsA city uses a Property Tax Collection
Custodial Fund to account for the collection of property taxes for
itself, a county, and a school district. Prepare journal entries to
record the following transactions and events for city’s Custodial
Fund during calendar year 2020.During 2020, property taxes were levied for the city
($6,000,000), the county ($3,000,000) and school district
($9,000,000). Assume taxes collected by the Custodial Fund for the
city will be paid to the city’s General Fund.Property...
Provide journal entries for each transaction: 1. The city levied $300,000 of special property taxes that...
Provide journal entries for each transaction:
1. The city levied $300,000 of special property taxes that are
restricted by statue and by bond indentures for the servicing of
general obligation bonds. One percent (1%) of the taxes is expected
to be uncollectible.
2. The city collected $246,800 of property taxes before the due
date for taxes. The remainder of the taxes receivable become
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3. The city levied interest and penalties of $6,650 on the
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E5-10 (Property Taxes) Make all required General Fund journal entries for the Doyle County Public Schools...
E5-10 (Property Taxes) Make all required General Fund journal
entries for the Doyle County Public Schools for 20X6, including
adjusting entries, required by the following information. 1. The
Doyle County Public Schools Board of Education adopted the 20X6
General Fund budget presented by Superintendent Jacob Doyle at its
final meeting of 20X5. Budgeted revenues were $21 million and
appropriations totaled $20.4 million, Record the budget as of the
beginning of the 20X6 fiscal year. 2. Doyle County Public Schools
levied...
(CO D) Explain how to account for property taxes. Include journal entries for recording the property...
(CO D) Explain how to account for property taxes. Include
journal entries for recording the property tax levy and the
collection of current property taxes. Fully explain property taxes,
what they are, how they are classified, and how they are accounted
for prior to listing the journal entries. Assume that County ABC
will assess $1,500,000 in property taxes. Three percent are
expected to be uncollectible, and $1,200,000 are collected.?
Prepare the General Ledger journal entries for the General Fund for the City of Corona for...
Prepare the General Ledger journal entries for the General Fund
for the City of Corona for the fiscal year ended May 31, 2018.
The budget was formally adopted. Estimated revenues are
$8,520,000 and appropriations are estimated to be $8,204,500.
Revenues were received for $6,562,000.
Purchase orders were issued for $2,950,000.
Purchase orders were filled for $2,436,000. The invoice amount
was $2,443,000, which has been paid.
Expenditures, not encumbered, amounted to $3,225,000 which was
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Journal entries and financial statements for an Enterprise Fund The City of Whitt Falls plans to...
Journal entries and financial statements for an
Enterprise Fund
The City of Whitt Falls plans to develop a golf course during
2018 and account for it as the Golf Enterprise Fund (GEF). The
course will be built on a parcel of land to be purchased from a
private party. The planned out-of-pocket costs for the new course
and their financing are as follows:
Spending
Acquisition of land from private party
$ 500,000
Installation of sod, sprinklers, landscaping, and fencing
1,000,000...
Prepare journal entries for a local government to record the following transactions, first for fund financial...
Prepare journal entries for a local government to record the
following transactions, first for fund financial statements and
then for government-wide financial statements.
The government sells $1,016,000 in bonds at face value to
finance construction of a warehouse.
A $1.03 million contract is signed for construction of the
warehouse. The commitment is required if allowed.
A $156,000 transfer of unrestricted funds was made for the
eventual payment of the debt in (a).
Equipment for the fire department is received with...
Prepare journal entries for a local government to record the following transactions, first for fund financial...
Prepare journal entries for a local government to record the
following transactions, first for fund financial statements
and then for government-wide financial statements.
a. The government sells $1,064,000 in bonds at face value to
finance construction of a warehouse.
b. A $1.22 million contract is signed for construction of the
warehouse. The commitment is required if allowed.
c. A $222,000 transfer of unrestricted funds was made for the
eventual payment of the debt in (a).
d. Equipment for the fire...
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