State of Denial has enacted a $6\%,$ and City of Angels a $1\%,$ sales tax. Businesses that collect sales taxes must transfer all collections to State within $30$ days after the end of the month. State must transfer collected taxes to local governments within $90$ days after the end of the month. City and State account for sales taxes in the general fund, and each has a December $31$ fiscal year end. Sales subject to sales taxes in City were $$5,000,000$ in December and $$3,000,000$ in January. At year$-$end, City and State should recognize

City

State

Revenues

Payable

Revenues

Payable

City Revenues

$$0$

State Payable

$$350,000$

Revenues

$$300,000$

Payable

$$50,000$

City Revenues

$$50,000$

State Payable

$$350,000$

Revenues

$$0$

Payable

$$50,000$

City Revenues

$$50,000$

State Payable

$$300,000$

Revenues

$$350,000$

Payable

$$0$

City Revenues

$$80,000$

State Payable

$$480,000$

Revenues

$$480,000$

Payable

$$80,000$