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...