Question
In: Accounting
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 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.
Solutions
ekkarill92 answered 2 years 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...
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...
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