The county collector of Suncoast County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax custodial fund, the custodial fund deducts 1.9 percent from the collections for the town, the school district, and the other towns. The total amount deducted is added to the collections for the county and remitted to the Suncoast County General Fund.
The following events occurred during the year:
County General Fund $10,373,000
Town of Bayshore General Fund 4,860,000
Suncoast County Consolidated School District 6,570,000
Other towns 3,160,000
3. Liabilities to all funds and governments as a result of the first half-year collections were recorded. (A schedule of amounts collected for each participant, showing the amount withheld for the county General Fund and net amounts due the participants, is recommended for determining amounts to be recorded for this transaction.)
Prepare journal entries for each of the foregoing transactions that affected the tax custodial fund.