II. PROBLEMS olve each of the following problems Jefferson County maintains a ta
ID: 2561320 • Letter: I
Question
II. PROBLEMS olve each of the following problems Jefferson County maintains a tax ageney fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all units of government in the county the year 201S, the following taxes were levied: (32 points) . In 1 ss, soooo in property taxes were levied for the General Fund, of which 2% are deemed to be 2. S4,830,000 in property taxes were levied for the school district. 3$4,410.000 in property taxes were levied for a village in the county. The agency fund then collected 90% of the levy for each fund. The Jefferson County General Fund charges 1.5% of collections as a fee for maintaining the agencyfund. Prepare the journal entries for each unit and the Agency Fund to record these collections and fees.Explanation / Answer
Part A Jefferson County General Fund Taxes Receivable—Current 8,820,000 Estimated Uncollectible Current Taxes 176400 Revenues Control 8,643,600 School District General Fund Taxes Receivable—Current 4,830,000 Revenues Control 4,830,000 Village General Fund Taxes Receivable—Current 4,410,000 Revenues Control 4,410,000 Jefferson County Tax Agency Fund Taxes Receivable for Other Governments—Current 4830000+4410000 9,240,000 Due to Other Governments 9,240,000 Part B Taxes Collected Fee (Charged)Received Cash to be distributed Jefferson County (8316000*1.5%) 124740 124740 School District (4830000*90%) 4,347,000 4347000*1.5% -65205 4,281,795 Village (4410000*90/100) 3969000 3969000*1.5% 59535 3909465 8,316,000 8316000 Jefferson County Tax Agency Fund Cash 8,316,000 Taxes Receivable for Other Governments—Current 8,316,000 Due to Other Governments 8,316,000 Due to Jefferson County General Fund 124,740 Due to School District 4,281,795 Due to Village 3,909,465 Jefferson County General Fund Due from County Tax Agency Fund 124,740 Revenues Control 124,740 Cash 7,938,000 Taxes Receivable -- Current 7,938,000 School District General Fund Due from County Tax Agency Fund 4,281,795 Expenditures Control 65,205 Taxes Receivable—Current 4,347,000 Village General Fund Due from County Tax Agency Fund 3,909,465 Expenditures Control 59,535 Taxes Receivable—Current 3,969,000