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 School District Towns Total 2. The property taxes levied in part (a) were collected. 3. The amounts collected were paid to the school district and towns. $25,000,000 12,500,000 2,500,000 $40,000,000 Required: a. Prepare journal entries for Benton County and the Benton County Independent School District-Identify the funds. Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required A3 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.) View transaction list
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 School District Towns Total 2. The property taxes levied in part (a) were collected. 3. The amounts collected were paid to the school district and towns. $25,000,000 12,500,000 2,500,000 $40,000,000 Required: a. Prepare journal entries for Benton County and the Benton County Independent School District-Identify the funds. Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required A3 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.) View transaction list
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 11E
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Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ?
![1
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:
eBook
Print
Benton County General Fund
School District
Towns
Total
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.
Complete this question by entering your answers in the tabs below.
Required A1 Required A2 Required A3
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.)
View transaction list
Journal entry worksheet
<
$25,000,000
12,500,000
2,500,000
$40,000,000
1
2
Record current property tax receivables.
Note: Enter debits before credits.
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcc262a17-aea7-4022-9fe8-cae21a346dc3%2F8284b96d-afee-441a-b58b-526e6a36cc30%2Ff02ifd_processed.png&w=3840&q=75)
Transcribed Image Text:1
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:
eBook
Print
Benton County General Fund
School District
Towns
Total
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.
Complete this question by entering your answers in the tabs below.
Required A1 Required A2 Required A3
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.)
View transaction list
Journal entry worksheet
<
$25,000,000
12,500,000
2,500,000
$40,000,000
1
2
Record current property tax receivables.
Note: Enter debits before credits.
>
![1
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:
eBook
Print
Benton County General Fund
School District
Towns
Total
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.
Complete this question by entering your answers in the tabs below.
Required A1 Required A2 Required A3
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.)
View transaction list
Journal entry worksheet
$25,000,000
12,500,000
2,500,000
$40,000,000
<
1
2
Record the current property tax receivables.
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcc262a17-aea7-4022-9fe8-cae21a346dc3%2F8284b96d-afee-441a-b58b-526e6a36cc30%2Fce4x3o_processed.png&w=3840&q=75)
Transcribed Image Text:1
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:
eBook
Print
Benton County General Fund
School District
Towns
Total
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.
Complete this question by entering your answers in the tabs below.
Required A1 Required A2 Required A3
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.)
View transaction list
Journal entry worksheet
$25,000,000
12,500,000
2,500,000
$40,000,000
<
1
2
Record the current property tax receivables.
>
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