Need help w/ the journal entries on chapter eight.

Chapter 8 Recording Transactions Affecting a Fiduciary Funda Tax Agency Fund The City of Smithville administers a tax agency fund that bills and collects property taxes levied by the governing bodies of the Smithville Consolidated School District (CSD), Smith County, and the Smith County Fire Protection District (FPD), in addition to those levied by the City of Smithville for its General Fund. (Note: Beginning in FY 2015, the tax agency fund will also account for property tax billing and collection for the City of Smithville's debt service fund. That fund will not levy property taxes for FY 2014.) As permitted by state law, the City of Smithville charges a collection fee of one percent of all taxes collected for the other governments. CITY OF SMITHVILLE Tax Agency Fund Post-closing Trial Balance As of December 31, 2013 Account Title Taxes Receivable for Other Funds and GovernmentsDelinquent (including related interest and penalties) Due to Other Funds and Governments Totals Debits $2,317,075 $2,317,075 Credits $2,317,075 $2,317,075 Required a. Open a general journal as of December 31, 2013, for the Tax Agency Fund by entering the two accounts and amounts shown in the above post-closing trial balance. Enter 2013 from the drop-down [Year] menu. Each of the account titles will be found in the drop down menu [Account (# - Description)] in the [Journal] view of the program. Be sure to enter 8-a as your paragraph number in the [Transaction Description] box. Verify the accuracy of your journal entry and post it to the general ledger by clicking [Post Entries]. Unless your instructor specifies e-mail submission, print a post-closing trial balance as of December 31, 2013 and retain it in your cumulative file until directed by your instructor to submit it. (Note: Entries in this fund do not have to be recorded at the government-wide level. Fiduciary activity information is reported only in the fiduciary fund statements and not at the government-wide level.) b. The following schedule shows the tax rates that have been established by the various taxing authorities for fiscal year 2014. Tax Rates Applicable to Governments Served by the Tax Agency Fund Fiscal Year 2014 (All amounts rounded to next higher dollar) Tax Rate (Per $100 Assessed Tax Governments/Funds of Assessed Valuation) Valuation Levy City of Smithville: General Fund $0.56 $303,035,714 $1,697,000 Total city rate and levy $0.56 $1,697,000 Smithville CSD: General Fund $2.45 $365,090,450 $8,944,717 Debt service fund 0.14 511,127 Total CSD rate and levy $2.59 $9,455,844 Smith County: General Fund $0.27 $458,672,260 $1,238,416 County Road and Bridge Fund 0.33 1,513,619 Total county rate and levy $0.60 $2,752,035 Smith County FPD: General Fund $0.90 $155,336,546 $1,398,029 Fire Station Construction Fund 0.35 543,678 Total county FPD rate and levy $1.25 $1,941,707 Grand Total tax rates and levies* $5.00 $15,846,586 * Note: Each property owner will receive a tax bill equal to the tax rates of all taxing authorities that have jurisdiction over his/her property times the assessed valuation of his/her property. Shown above are the aggregate taxes levied by each government, which are also the total amounts billed by the Tax Agency Fund to all taxpayers in each jurisdiction. Record the following transactions that occurred during 2014 in the general journal of the Tax Agency Fund. Please remember that before closing the City of Smithville, you must click on [File], and [Save/Save As] to save your work. Your work is NOT automatically saved. 1. [Para. 8-b-1] On January 2, 2014, the city's tax administrator mailed annual tax bills to all property owners in the total amount of $15,846,586 (see preceding table). The tax administrator maintains a detailed tax ledger to track amounts billed to and collected from each taxpayer and total amounts applicable to each fund and government. You need only record the grand total amount shown in the schedule above in the general journal, as illustrated in Chapter 8 of the Reck, Lowensohn, and Wilson text. 2. [Para. 8-b-2] Delinquent taxes and related interest and penalties were collected during the year for the taxing authorities shown below: Governments/Funds: City of Smithville General Fund Smithville CSD Smith County Smith County FPD Total collected Delinquent Interest and Taxes Penalties Total $ 360,000 $ 34,270 $ 394,270 722,650 57,810 780,460 285,410 22,830 308,240 162,560 13,050 175,610 $1,530,620 $127,960 $1,658,580 Required: Record the collections of delinquent taxes and interest and penalties by recognizing specific liabilities to each fund or government. The 1 percent collection fee should be deducted from the amounts due to other governments; the total amount deducted from other governments should be added to the amount due to the City of Smithville General Fund. (Note: Round all amounts to the nearest whole dollar.) Make these entries only in the Tax Agency Fund general journal. The Tax Agency Fund records the total amount of delinquent taxes and related interest and penalties in the Taxes Receivable for Other Funds and GovernmentsDelinquent account. (Note: All cash receipts and collection fees were recorded in earlier chapters in the journals for the General Fund and governmental activities at the government-wide level. The collection fees, though not separately identified, were included in RevenuesCharges for Services in the General Fund and in Program RevenuesGeneral GovernmentCharges for Services in governmental activities.) 3. [Para. 8-b-3] All cash collected in paragraph 8-b-2 was transferred to the other funds and governments in the amounts calculated, adjusted for collection fees deducted or added (see Para. 8-b-2). 4. [Para. 8-b-4] Current taxes were collected during the year for the funds and governments shown below: Current Taxes Funds/Governments: Collected City of Smithville General Fund $ 1,546,800 Smithville CSD 8,510,260 Smith County 2,476,830 Smith County FPD 1,747,540 Total collected $14,281,430 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. 5. [Para. 8-b-5] All cash collected in paragraph 8-b-4 was transferred to the other funds and governments, adjusted for collection fees deducted or added. 6. [Para. 8-b-6] Taxing authorities notified the tax administrator that delinquent property taxes in the amount of $177,400 and related interest and penalties in the amount of $18,900 ($196,300 in total) have been written off as uncollectible. Record the total amounts in the general journal by debiting Due to Other Funds and Governments and crediting Taxes ReceivableDelinquent for Other Funds and Governments. (Note: The tax administrator updates the detailed tax ledger records for these write offs.) 7. [Para. 8-b-7] Make the year-end journal entry to reclassify all uncollected current taxes as delinquent and to record a receivable for interest and penalties of 8 percent on the reclassified amount (round amount to nearest whole dollar). The interest and penalties portion of the total amount should be debited to Taxes Receivable for Other Funds and GovernmentsDelinquent and credited to Due to Other Funds and Governments. You need only record the aggregate amounts reclassified in the general journal; the tax administrator will update the detailed tax ledger records for these reclassifications. c. Go to [Reports] and print the post-closing trial balance for the Tax Agency Fund as of December 31, 2014. Retain in your cumulative folder until directed by your instructor to submit them, unless your instructor specifies submission of computer files via e-mail, in which case you will need to save a .pdf version of your trial balance. Retain the post-closing trial balance as of December 31, 2014, and the statement of fiduciary net position in your cumulative folder, unless your instructor requests e-mail submission of your documents