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On January $1,2024,$ the first day of its fiscal year, Carter City received notification that a federal grant in the amount of $$580,000$ 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 $31,2024$:On January $1,2024,$ the first day of its fiscal year, Carter City recelved notification that a federal grant In the amount of

$$580,000$ was approved. The grant was restricted for the payment of wages to teenagers for summer employment. The

terms of the grant permitted relmbursement only after qualified expenditures have been made; the grant could be used

over a two$-$year perlod. The following data pertain to operations of the Summer Employment Grant Fund, a special revenue

fund of Carter City, during the year ended December $31,2024$:

The budget was recorded. It provided for Estimated Revenues for the year in the amount of $$290,000,$ and for

Approprlations in the amount of $$290,000.$

A temporary loan of $$290,000$ was recelved from the General Fund.

During the year, teenagers earned and were pald $$278,200$ under the terms of the Summer Employment program. An

additional $$9,000$ is accrued as payable on December $31.$ Recognize the recelvable and revenue $($Including the $$9,000$

of wages payable$).$

Each month a properly documented request for relmbursement was sent to the federal government; checks for

$$283,000$ were recelved.

$$256,200$ was repald to the General Fund.

Necessary closing entrles were made.

Required:

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

Note: If no entry is requlred for a transaction$/$event$,$ select $"$No Journal Entry Requlred" In the flrst account fleld.

Journal entry worksheet

Record the closing entry for appropriations.

Note: Enter debits before credits.

The budget was recorded. It provided for Estimated Revenues for the year in the amount of $$290,000,$ and for Appropriations in the amount of $$290,000.$

A temporary loan of $$290,000$ was received from the General Fund.

During the year, teenagers earned and were paid $$278,200$ under the terms of the Summer Employment program. An additional $$9,000$ is accrued as payable on December $31.$ Recognize the receivable and revenue $($including the $$9,000$ of wages payable$).$

Each month a properly documented request for reimbursement was sent to the federal government; checks for $$283,000$ were received.

$$256,200$ was repaid to the General Fund.

Necessary closing entries were made.

Required:

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

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