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The Sleepy Hollow School District was notified that the federal government has awarded it a $6,000,000 grant to finance a special program that the school
The Sleepy Hollow School District was notified that the federal government has awarded it a $6,000,000 grant to finance a special program that the school had developed to teach blind students. Record the following transactions in a Special Revenue Fund General Ledger. Fiscal year ending June 30, 2021. (20 points) Cash Received to reimburse expenditures after they are incurred. 1. Received a 2-year loan from the General Fund, Oct. 1, 2020 for 1,600,000. 4 equal payments will be made every 6 months. (Watch the timeline.) 2. The school purchased 100 computers and related software for use in the program, $110,000 3. 4 instructors who were assigned to the program earned salaries of $126,000, of which $31,500 has not been paid yet by year's end. 4. They ordered $1,200,000 in supplies and textbooks. (one journal entry). Of these, $980,000 (estimated value) had been received for a cost of $982,000 (second and third journal entry). $820,000 was paid towards the supplies and textbooks (fourth journal entry) 5. The school filed for reimbursement of 90% of the expenditures made by year's end (include all salaries since they have been earned). It should receive all amounts for which it has already filed for by Aug. 15. The reimbursements for the rest of the expenditures will be filed on July 1, 2021. It takes 65 days for reimbursements to be processed and to be received by Sleepy Hollow School District. 6. Make and accrue (if necessary) all payments related to the 2 year loan in #1
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