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Tax Agency Fund of Baylor City




Question;The following is a trial balance of the Tax;Agency Fund of Baylor City as of June 30 20X0;Cash??????????????????????.. $ 90,000;Taxes Receivable for Maynard;County????????? 22,500;Taxes Receivable for Baylor City General;Fund?????. 48,000;Taxes Receivable for Jansen School;District??????? 69,000;Due to Maynard County??????????????? 37,500;Due to General Fun?.??????????????? 37,500;Due to Jansen School District;?????????????? 37,500;The following transactions took place;(1);Cash $89,600 was paid as;follows;Unit;Amount;due Collection Fee Amount Paid Over;Maynard County 15,000 100 14,900;Baylor City General 30,000 - 30,000;Fund;Jansen School District 45,000 300 44,700;(2);The collection fees were paid;to the General Fund;(3);Taxes were levied as follows;Unit Amount Levied;Maynard County 50,000;Baylor City General Fund 100,000;Jansen School District 150,000;Required;(a);Prepare Journal entries;(b);Post to T-accounts;(c);Prepare a GAAP-based Statement;of Net Assets as of June 30, 20X1


Paper#42021 | Written in 18-Jul-2015

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