Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4.00 points The City of Waterville applied for a grant from the state government to build a pedestrian bridge over the river inside the city's

image text in transcribed

image text in transcribed

4.00 points The City of Waterville applied for a grant from the state government to build a pedestrian bridge over the river inside the city's park. On May 1, 2017, the city was notified that it had been awarded a grant of up to $140,000 for the project. The state will provide reimbursement for allowable expenditures. On May 5 the special revenue fund entered into a short-term loan with the General Fund for $140,000 so it could start construction. During FY2017 the special revenue fund expended $111,000 for bridge costs, for which it submitted documentation to the state. Reimbursement was received from the state on December 13, 2017 Required F or the special revenue fund, provide the appropriate journal entries, iIf any, that would be made for the following (Assume the city has a iscal year end of December 31.) (If no entry is required for a transactionlevent, select "No Joural Entry Required in the first account field.) 1. May 1, 2017, notification of grant approval. 2. May 5, 2017, loan from General Fund 4 December 13, 2017, receipt of the grant reimbursement funds 5. December 31,2017, adjusting and closing entries Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Audit American Battle Monuments Commissions Financial Statements For Fiscal Years 2011 And 2010

Authors: Government Accountability Office

1st Edition

1492310883, 978-1492310884

More Books

Students also viewed these Accounting questions

Question

How many people did they interview to arrive at that conclusion?

Answered: 1 week ago