Prepare journal entries to record the following grant-related transactions of an enterprise fund activity. Explain how these
Question:
1. Received an operating grant in cash from the state, $3,000,000.
2. Incurred qualifying expenses on the grant program, $1,200,000.
3. Received a federal grant to finance construction of a processing plant, $7,000,000. (The cash was received in advance.)
4. Incurred and paid construction costs on the processing plant, $4,000,000.
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1 Cash 3000000 Deferred operating grant revenue 3000000 To record receipt of grant Deferred grant re...View the full answer
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Related Book For
Advanced Accounting
ISBN: 9780132568968
11th Edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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