Journal entries for a Custodial Fund The city of Belle collects property taxes for other local governments-Beau County and the Landis Independent School District (LSD). The city uses a Property Tax Collection Custodial Fund to account for its collection of property taxes for itself, Beau County, and LISD. Prepare journal entries to record the following transactions and events for Belle's Custodial Fund during calendar year 2019. 1. During 2019, property taxes were levied for Belle ($2,000,000). Beau County ($1,000,000) and LISD ($3,000,000). Assume taxes collected by the Custodial Fund will be paid to Belle's General Fund. 2. Property taxes in the amount of $4,500,000 are collected. The percentage collected for each entity is in the same proportion as the original levy. 3. The amount owed to the city of Belle, Beau County, and LISD is recognized. The city of Belle charges an administrative fee to Beau County ($20,000) and LISD ($60,000) to collect the taxes, which reduces the amount owed to Beau County and LISD. Support Credit 2.000.000 4000,000 4. The Custodial Fund distributes the amount owed to the three governments. Description Debit 1 Property taxes receivable for city current 2,000,000 Property taxes receivable for other governments current 4,000,000 Due to General Pund Addition property taxes collected for other governments 2 Cash 4,500,000 Property taxes receivable for the city current O Property taxes receivable for other governments current Deductions-administrative cont 30 Deduction property taxes distributed to Landis 15 60 000 X Deduction property taxes distributed to Beau County 20,000 x Due to General Pund Dueto Lands 150 Due to County Due to General Fund Due to a 2.190.000 Due to De County 730.000 Cash 1.500.000 3.000.000 Real 0 000 50,000 Malware p App block 40 000