In the first half of the year 4120000 was collected for the

Assignment Help Accounting Basics

Reference no: EM13482628

Washington County assumed the responsibility of collecting property taxes for all governments within its boundaries. In order to reimburse the county for expenditures for administering the Tax Agency Fund, the Tax Agency Fund is to deduct two percent from the collections from the city and school district. The total amount deducted is to be added to the collections forthe city and remitted to the County General Fund. You are to record the following transactions in the accounts of the Washington County Tax Agency Fund.

1. Current year tax levies to be collected by the Tax Agency Fund were:

County General Fund $8,800,000
Town of Samuels $7,200,000
Washington County School District $9,600,000

2. In the first half of the year $4,120,000 was collected for the County General Fund, $3,456,000 for the Town and $4,608,000 for the School District.
3. Liabilities to all three units were recorded.

Reference no: EM13482628

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