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 two lawsuits during 2019. (1) The first suit was settled for $24,000 on December 24, 2019 but will not be paid until January 12, 2020. (2) The City is in the process of negotiating a settlement for the second lawsuit. The attorneys believe that an agreement will likely be reached in late 2020 or early 2021 with payment of around $45,000 likely to be made late in 2021.

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The Answer of 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 two lawsuits during 2019. (1) The first suit was settled for $24,000 on December 24, 2019 but will not be paid until January 12, 2020. (2) The City is in the process of negotiating a settlement for the second lawsuit. The attorneys believe that an agreement will likely be reached in late 2020 or early 2021 with payment of around $45,000 likely to be made late in 2021.

Prepare Entries for the General Fund to Record the Following