Consider the following transactions:

a.The Cline County Tax Agency Fund was established to account for the county's responsibility of collecting Brent City and Cline County property taxes.The levies for 20X1 were $800,000 for the County General Fund and $400,000 for the City General Fund.

b.Collections were $750,000 (in proportion to levies).

c.The county is entitled to a fee of 1% of taxes collected for Brent City; the net amount due is sent to the city.Liabilities to all funds and units were recorded to date.

d.All moneys collected to date were released to each government unit.
Required:

Prepare the general journal entries required to record the following transactions in Cline County Tax Agency Fund.

Question

Consider the following transactions:
​
a.The Cline County Tax Agency Fund was established to account for the county's responsibility of collecting Brent City and Cline County property taxes.The levies for 20X1 were $800,000 for the County General Fund and $400,000 for the City General Fund.​
​
b.Collections were $750,000 (in proportion to levies).​
​
c.The county is entitled to a fee of 1% of taxes collected for Brent City; the net amount due is sent to the city.Liabilities to all funds and units were recorded to date.​
​
d.All moneys collected to date were released to each government unit.​
Required:
​
Prepare the general journal entries required to record the following transactions in Cline County Tax Agency Fund.

Quizplus · Accepted Answer

The Answer of Consider the following transactions:
​
a.The Cline County Tax Agency Fund was established to account for the county's responsibility of collecting Brent City and Cline County property taxes.The levies for 20X1 were $800,000 for the County General Fund and $400,000 for the City General Fund.​
​
b.Collections were $750,000 (in proportion to levies).​
​
c.The county is entitled to a fee of 1% of taxes collected for Brent City; the net amount due is sent to the city.Liabilities to all funds and units were recorded to date.​
​
d.All moneys collected to date were released to each government unit.​
Required:
​
Prepare the general journal entries required to record the following transactions in Cline County Tax Agency Fund.

Consider the Following Transactions