The City of Waterville applied for a grant from the state government to build a pedestrian bridge over the river inside
Posted: Mon Apr 25, 2022 7:40 am
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, the city was notified that it had been
awarded a grant of up to $190,000 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 $190,000 so it could start bridge construction.
During the year, the special revenue fund expended $156,000 for
allowable bridge construction costs, for which it submitted
documentation to the state. Reimbursement was received from the
state on December 13.
Required
For the special revenue fund, provide the appropriate journal
entries, if any, that would be made for the following. (Assume the
city has a fiscal year-end of December 31.) (If no
entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
Journal entry worksheet 1 2 3 4 5 6 Record the notification of grant approval on May 1. Note: Enter debits before credits. General Journal Debit Credit Transaction 01 Record entry Clear entry View general journal
Journal entry worksheet 1 23 4 5 6 Record the loan from the General Fund on May 5. Note: Enter debits before credits. General Journal Debit Credit Transaction 02 Record entry Clear entry View general journal
Journal entry worksheet 1 2 3 4 5 6 N Record the expenditure using Vouchers Payable. Note: Enter debits before credits. General Journal Debit Credit Transaction 3(a) Record entry Clear entry View general journal
Journal entry worksheet 1 2 3 4 5 6 Record the revenue due from state government. Note: Enter debits before credits. General Journal Debit Credit Transaction 3(b) Record entry Clear entry View general journal
Journal entry worksheet < 1 2 3 4 Qກ 5 09 > Record the December 13, receipt of the grant reimbursement funds. Note: Enter debits before credits. General Journal Debit Credit Transaction 04 Record entry Clear entry View general journal
Journal entry worksheet 1 2 3 4 5 6 6 Record the December 31, adjusting and closing entries. Note: Enter debits before credits. General Journal Debit Credit Transaction 05 Record entry Clear entry View general journal
government to build a pedestrian bridge over the river inside the
city’s park. On May 1, the city was notified that it had been
awarded a grant of up to $190,000 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 $190,000 so it could start bridge construction.
During the year, the special revenue fund expended $156,000 for
allowable bridge construction costs, for which it submitted
documentation to the state. Reimbursement was received from the
state on December 13.
Required
For the special revenue fund, provide the appropriate journal
entries, if any, that would be made for the following. (Assume the
city has a fiscal year-end of December 31.) (If no
entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
- The City Of Waterville Applied For A Grant From The State Government To Build A Pedestrian Bridge Over The River Inside 1 (13.67 KiB) Viewed 31 times
- The City Of Waterville Applied For A Grant From The State Government To Build A Pedestrian Bridge Over The River Inside 2 (13.63 KiB) Viewed 31 times
- The City Of Waterville Applied For A Grant From The State Government To Build A Pedestrian Bridge Over The River Inside 3 (13.83 KiB) Viewed 31 times
- The City Of Waterville Applied For A Grant From The State Government To Build A Pedestrian Bridge Over The River Inside 4 (13.72 KiB) Viewed 31 times
- The City Of Waterville Applied For A Grant From The State Government To Build A Pedestrian Bridge Over The River Inside 5 (14.1 KiB) Viewed 31 times
- The City Of Waterville Applied For A Grant From The State Government To Build A Pedestrian Bridge Over The River Inside 6 (13.96 KiB) Viewed 31 times
Journal entry worksheet 1 23 4 5 6 Record the loan from the General Fund on May 5. Note: Enter debits before credits. General Journal Debit Credit Transaction 02 Record entry Clear entry View general journal
Journal entry worksheet 1 2 3 4 5 6 N Record the expenditure using Vouchers Payable. Note: Enter debits before credits. General Journal Debit Credit Transaction 3(a) Record entry Clear entry View general journal
Journal entry worksheet 1 2 3 4 5 6 Record the revenue due from state government. Note: Enter debits before credits. General Journal Debit Credit Transaction 3(b) Record entry Clear entry View general journal
Journal entry worksheet < 1 2 3 4 Qກ 5 09 > Record the December 13, receipt of the grant reimbursement funds. Note: Enter debits before credits. General Journal Debit Credit Transaction 04 Record entry Clear entry View general journal
Journal entry worksheet 1 2 3 4 5 6 6 Record the December 31, adjusting and closing entries. Note: Enter debits before credits. General Journal Debit Credit Transaction 05 Record entry Clear entry View general journal