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ACC - Tax Agency Fund of Baylor City Solution




Question;The following is a trial balance of the Tax Agency Fund of Baylor City as of June 30 20X0:Cash??????????????????????..$ 90,000Taxes Receivable for Maynard County?????????22,500Taxes Receivable for Baylor City General Fund?????.48,000Taxes Receivable for Jansen School District???????69,000Due to Maynard County???????????????37,500Due to General Fun?.???????????????37,500Due to Jansen School District ??????????????37,500The following transactions took place:(1) Cash $89,600 was paid as follows:UnitAmount dueMaynard County15,000Baylor City General30,000FundJansen School District45,000Collection Fee100-Amount Paid Over14,90030,00030044,700(2) The collection fees were paid to the General Fund(3) Taxes were levied as follows:UnitAmount LeviedMaynard County50,000Baylor City General Fund100,000Jansen School District150,000Required:(a) Prepare Journal entries(b) Post to T-accounts(c) Prepare a GAAP-based Statement of Net Assets as of June 30, 20X1


Paper#41807 | Written in 18-Jul-2015

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