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Benton County includes an independent school district and two individually chartered towns within the County. Benton...

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 $ 25,000,000
School District 12,500,000
Towns 2,500,000
Total $ 40,000,000

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.

Record the transactions in the books of the Benton County Tax Agency Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Record the transactions in the books of the Benton County General Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Record the transactions in the books of the Benton County Independent School District General Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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Expert Solution

ekkarill92 answered 1 year ago
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