Benton County maintains a tax agency fund for use by the County Treasurer to record receivables,… 1 answer below »

Benton County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all other units of government in the county. For FY 2011–2012, the following taxes were assessed:

During the first six months of the fiscal year, the following transactions took place:

1. The tax levy became effective. All units of government provided for an estimated 3 percent in uncollectible taxes.

2. Cash collections of the first installment of taxes amounted to $5,080,000 for the County General Fund and $19,544,000 for the other governments.

3. It was determined that the cash collections pertained to the funds and governmental units in the following amounts. Record the liability to the county General Fund and to the other governmental units, assuming that the county General Fund charges other governments 1 1 /2 percent of all tax collected because the county General Fund incurs all costs of billing, recording, and collecting taxes

4. Cash was paid to the various governmental units.

Required:

Record the transactions on the books of the:

a. Benton County Tax Agency Fund.

b. Benton County General Fund.

c. Town of Thomas.