Current taxes were collected during the year for the funds and governments shown below:

Funds/Governments: Current Taxes

Collected City of Smithville General Fund $ 1,488,206

Smithville CSD 8,412,730

Smith County 2,069,800

Smith County FPD   1,747,540

Total collected $13,718,276

Required: Record the collections of current taxes and recognize specific liabilities to each fund or government, after deducting the 1 percent collection fee from other governments and adding the total collection fee to the amount due the City of Smithville General Fund. Make these entries only in the Tax Agency Fund general journal.

Answer rating: 100% (QA)

Agency fee 122301 ... View the full answer