Tax Agency Fund of Baylor City

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