Detroit County collects, in addition to its own taxes, taxes for other units. Tax levied for...

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Detroit County collects, in addition to its own taxes, taxes for other units. Tax levied for 2026 were as follows: County General Fund Detroit City Detroit School District Total $ 576,000 1,728,000 1,536,000 $3,840,000 Collections from the 2026 levies amounted to $3,550,000 and were distributed in proportion to the original levies, less a 1% collection fee charged to Detroit City and the Detroit School District. Collection fees are remitted to the County General Fund. Required 1) Record the tax levies in the County Tax Agency Fund. 2) Record the collection from the 2026 tax levies in the Tax Agency Fund and the specific liabilities owed each fund and unit (Round all amounts to the nearest whole dollar.) 3) Record in the Tax Agency Fund the transfer of collected taxes to each fund and unit. Detroit County collects, in addition to its own taxes, taxes for other units. Tax levied for 2026 were as follows: County General Fund Detroit City Detroit School District Total $ 576,000 1,728,000 1,536,000 $3,840,000 Collections from the 2026 levies amounted to $3,550,000 and were distributed in proportion to the original levies, less a 1% collection fee charged to Detroit City and the Detroit School District. Collection fees are remitted to the County General Fund. Required 1) Record the tax levies in the County Tax Agency Fund. 2) Record the collection from the 2026 tax levies in the Tax Agency Fund and the specific liabilities owed each fund and unit (Round all amounts to the nearest whole dollar.) 3) Record in the Tax Agency Fund the transfer of collected taxes to each fund and unit.

Answer rating: 100% (QA)

1 Record the tax levies in the County Tax Agency Fund Dr Taxes ReceivableCity of Detroit Dr Taxes Re... View the full answer