Question

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.)

Answer 1

1, Bank A/c Dr 15000000

To, Property tax A/c 15000000

( Being Property taxes collected)

2, School District A/c Dr 12500000

To, Bank A/c 12500000

(Being collected amount from property tax is paid to School district)

3, Towns A/c Dr 2500000

To, Bank A/c 2500000

( Being collected amount from property tax is paid to School district)

Benton County Tax Agency Fund A/c
Dr					Cr
Date	Particular	Amount	Date	Particular	Amount
	Opening balance	25000000
	To, Property tax	15000000		By School District	12500000
				By Towns	2500000
				Balance c/d	25000000
	Total	40000000		Total	15000000

Thanking You..........!