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Rockford receives notice that the city is awarded a $300,000 grant for a social...

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Accounting

Rockford receives notice that the city is awarded a
$300,000 grant for a social media awareness program. The
grant monies will be received on a reimbursement basis.
Rockford spends $180,000 for this program throughout the
current year. Rockford uses the GF for grants.
a) Entry on date of grant award.
b) Entry for spending made related to social media
awareness program.
c) Entry for the $180,000 allowable expenditures submitted
to the Federal Government for reimbursement.
d) Entry(ies) in preparation of year-end financial
statements.
Part B. Assume the balances in the following fund balance
accounts exist after all activity in Rockford City has been posted
EXCEPT the entry(ies) from Part A that were necessary for
preparation of the year-end financial statements.
Unassigned Fund Balance $700,000.
Assigned Fund Balance $ -0-.
Committed Fund Balance $-0-
Non-spendable Fund Balance $75,000.
Restricted Fund Balance $-0-.
Requirement: Prepare the Fund Balance section for Rockford
City's partial financial statement with a proper heading. Show
all computations for full credit.
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