Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Jul 2017 My Price 8.00

tax agency fund

The county administers a tax agency fund that collects taxes on behalf of the county, city, and a special purpose district. For 2011, the taxes to be levied by the government are:

County

$ 632,000

City

917,000

Special purpose district

26,000

Total

$1,575,000

1. On the date the taxes are levied, the city would debit which of the following accounts?

a. Due from Tax Agency Fund.

b. Equity in Tax Agency Fund.

c. Taxes Receivable.

d. No journal entry is recorded since the city is not collecting the taxes.

2. On the date the taxes are levied, the tax agency fund would credit which of the following accounts?

a. Due to Other Funds and Governments.

b. Revenues—Taxes.

c. Additions—Other Funds and Governments.

d. Accrued Taxes.

3. If the tax agency fund assessed a 1 percent administrative fee, it would be recorded by the agency fund as a credit to:

a. Revenue.

b. Transfer In.

c. Additions—Fund Equity.

d. Due to County.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Jul 2017 12:07 AM My Price 8.00

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