ACC – Tax Agency Fund of Baylor City Solution

$15.00

Description

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
Maynard County
15,000
Baylor City General
30,000
Fund
Jansen School District
45,000

Collection Fee
100

Amount Paid Over
14,900
30,000

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

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