On January 1, 2020, the first day of its fiscal year, Carter City received notification that a federal grant in the amount of $590,000 was approved. The grant was restricted for the payment of wages to teenagers for summer employment. The terms of the grant permitted reimbursement only after qualified expenditures have been made; the grant could be used over a two-year period. The following data pertain to operations of the SUMMER EMPLOYMENT GRANT FUND, a special revenue fund of Carter City, during the year ended December 31, 2020:

The budget was recorded. It provided for Estimated Revenues for the year in the amount of $295,000, and for Appropriations in the amount of $295,000.

A temporary loan of $295,000 was received from the General Fund.

During the year, teenagers earned and were paid $282,300 under terms of the Summer Employment program. An additional $9,500 is accrued as payable on December 31. Recognize the receivable and revenue (include the $9,500 of wages payable).

Each month a properly documented request for reimbursement was sent to the federal government; checks for $287,500 were received.

$259,300 was repaid to the General Fund.

Necessary closing entries were made.

Prepare journal entries for the year ended December 31 in the accounts of the Summer Employment Grant Fund.