a Prepare general journal entries for the following

transactions in
(a) Prepare general journal entries for the following transactions in the appropriate funds and
General Capital Assets and General Long-Term Liabilities accounts of a county, the county
school district, and a town within the county. The county serves as the tax collection agent for
the county, the county school district, and the town.1. Taxes were levied and bills were sent to
taxpayers. The county tax levy was for $4,000,000; the school district tax levy was for
$5,000,000; the town tax levy was for $2,000,000. Two percent of the taxes are expected to be
uncollectible. The county charges the school district and the town a collection fee of 1% of the
taxes collected.2. Tax collections for the year totaled $8,960,000—$3,200,000 for the county;
$4,000,000 for the school district; and $1,760,000 for the town.3. All amounts due to the county
General Fund, the school district, and the town were paid from the Tax Agency Fund.(b)
Prepare the Statement of Net Position for the county Tax Agency Fund at year end. Assume
that taxes receivable at the beginning of the year were $100,000 for the county, $125,000 for
the school district, and $50,000 for the town.View Solution: a Prepare general journal entries for
the following transactions in
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