Prepare entries for the General fund to record the following transactions and events related to the City of Sandy Loam's fiscal year-ending December 31, 2019 financial statements: a. The City paid $85,000 of salaries during December 2019 b. City workers earned an additional $20,000 for work done during the last week of December 2019 that will not be paid until January 4, 2020 c. The City of Sandy Loam was involved in a lawsuit during 2019. The suit was settled for $24,000 on December 24, 2019 but will not be paid until January 12, 2020 A state collects sales taxes for counties that have elected to "piggy-back" their taxes on the state sales tax Prepare entries to record these transactions in a Custodial Fund. a. The state collects sales taxes totaling $7,000,000 for participating counties b. The fund pays the state $20,000 in administrative costs c. The state distributes the $6,800,000 in tax collections to the counties Prepare entries for the General fund to record the following transactions and events related to the City of Sandy Loam's fiscal year-ending December 31, 2019 financial statements: a. The City paid $85,000 of salaries during December 2019 b. City workers earned an additional $20,000 for work done during the last week of December 2019 that will not be paid until January 4, 2020 c. The City of Sandy Loam was involved in a lawsuit during 2019. The suit was settled for $24,000 on December 24, 2019 but will not be paid until January 12, 2020 A state collects sales taxes for counties that have elected to "piggy-back" their taxes on the state sales tax Prepare entries to record these transactions in a Custodial Fund. a. The state collects sales taxes totaling $7,000,000 for participating counties b. The fund pays the state $20,000 in administrative costs c. The state distributes the $6,800,000 in tax collections to the counties