Washington County assumed the responsibility of collecting property taxes for al
ID: 2479985 • Letter: W
Question
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 1.5 percent from the collections from the city and school district. The total amount deducted is to be added to the collections for the county 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 $9,800,000 Town of Samuels 6,200,000 Washington County School District 9,600,000
2. $4,120,000 in current taxes were collected in the first half of the year for the County General Fund, $3,456,000 for the town, and $4,608,000 for the school district.
3. Liabilities to all three units were recorded.
Explanation / Answer
Date Particulars L.F Amount ($) Amount ($) Taxes Receivable 15800000 Other Government 15800000 (For taxes receivable) Cash 8064000 Taxes Receivable 8064000 (For taxes received) Due to other government 8064000 Due to Country general fund 1,61,200 Due to Town of Samuels 3386880 Due to Washington Country school 4515840 (For liability recorded)
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