Required information The fowowing informaion appies to the questions displayed b

Question

Required information The fowowing informaion appies to the questions displayed below.) The county collector of Suncoast County is responsible for co ecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax custodial fund, the custodial fund deducts 3.2 percent from the collections for the town, the school district, and the other towns. The total amount deducted is added to the collections for the county and remitted to the Suncoast County General Fund. The following events occured during the year 1 Current-year tax levies to be collected by the custodial fund were County General Fund Town of Bayshore General Fund Suncoast County Consolidated School District Other towns $10,503,000 4,925, 000 ,635, 000 3,290,000 $25,353,000 2. $13,870,000 of current taxes was collected during the first half of the year Liabiltes to all funds and governments as a resuit of the first half-year collections were recorded. (A schedule of amounts collected for each participant, showing the amount withheld for the county General Fund and net amounts due the participants, is recommended for determining amounts to be recorded for this transaction. Al cash In the tax custodial fund was distributed. 5. All addltions and deductions were recorded by the custodial fund. Add tions and deductions are aggregated because resources are held less than three months C. Prepare journal entries for each of the foregoing entries that affected the Town of Bayshore General Fund. Begin with the tax levy entry, assuming 3 percent of the gross levy will be uncol ectible. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet Record the revenues receivable and uncollectible Note: Enter debits before credits Record entry View general journal Clear entry

Explanation / Answer

ANSWER:

Here we have to prepare the journal entries for each of the above given information,

Jounal entry work sheet:

Agency liability Calculations Tax collected 3.2% fees Agency liability Due to county general fund (10503000*13870000/25353000) 5745931 251624 5769755 Due to town of B general fund (4925000*13870000/25353000) 2694345 -83480 2610863 Due to S county consoliadted school (6635000*13870000/25353000) 3629844 -112493 3517351 Due to other towns (3290000*13870000/25353000) 1799877 -55653 1744224

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