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The following is a trial balance of the Tax Agency Fund of Baylor City as of June 30 20X0: Cash………………………………………………………….. $ 90,000 Taxes Receivable for Maynard County……………………… 22,500 Taxes Receivable for Baylor City General Fund……………. 48,000 Taxes Receivable for Jansen School District………………… 69,000 Due to Maynard County……………………………………… 37,500 Due to General Fun….……………………………………… 37,500 Due to Jansen School District …………………………………… 37,500 The following transactions took place: (1) Cash $89,600 was paid as follows: Unit Amount due Maynard County 15,000 Baylor City General 30,000 Fund Jansen School District 45,000 Collection Fee 100 – Amount Paid Over 14,900 30,000 300 44,700 (2) The collection fees were paid to the General Fund (3) Taxes were levied as follows: Unit Amount Levied Maynard County 50,000 Baylor City General Fund 100,000 Jansen School District 150,000 Required: (a) Prepare Journal entries (b) Post to T-accounts (c) Prepare a GAAP-based Statement of Net Assets as of June 30, 20X1

The following is a trial balance of the Tax Agency Fund of Baylor City as of June 30 20X0:
Cash…………………………………………………………..
$ 90,000
Taxes Receivable for Maynard County………………………
22,500
Taxes Receivable for Baylor City General Fund…………….
48,000
Taxes Receivable for Jansen School District…………………
69,000
Due to Maynard County………………………………………
37,500
Due to General Fun….………………………………………
37,500
Due to Jansen School District ……………………………………
37,500
The following transactions took place:
(1) Cash $89,600 was paid as follows:
Unit
Amount due
Maynard County
15,000
Baylor City General
30,000
Fund
Jansen School District
45,000

Collection Fee
100

Amount Paid Over
14,900
30,000

300

44,700

(2) The collection fees were paid to the General Fund
(3) Taxes were levied as follows:
Unit
Amount Levied
Maynard County
50,000
Baylor City General Fund
100,000
Jansen School District
150,000
Required:
(a) Prepare Journal entries
(b) Post to T-accounts
(c) Prepare a GAAP-based Statement of Net Assets as of June 30, 20X1

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