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Prepare journal entries of each of the foregoing transaction

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Reference no: EM132961661

The Snowflake County tax collector is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. The tax collector deducts 1.5 percent from the collections for the other entities to reimburse the county for estimated administrative expenses associated with maintaining the custodial fund. The total amount deducted is added to the collections for the county and remitted to the Snowflake County General Fund.

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Problem 1: Prepare journal entries of each of the foregoing transactions that affected the tax custodial fund.

Reference no: EM132961661

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