The budget was recorded. It provided for Estimated Revenues for the year in the amount...
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The budget was recorded. It provided for Estimated Revenues for the year in the amount of $292,500, and for Appropriations in the amount of $292,500. A temporary loan of $292,500 was received from the General Fund. Record the entry for wage expense. Record the entry for grant receivable for wage expense. Each month a properly documented request for reimbursement was sent to the federal government; checks for $285,250 were received. $257,750 was repaid to the General Fund. Record the closing entry for appropriations. Record the closing entry for determining net fund balance. On January 1,2020 , the first day of its fiscal year, Carter City received notification that a federal grant in the amount of $585,000 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 : 1. The budget was recorded. It provided for Estimated Revenues for the year in the amount of $292,500, and for Appropriations in the amount of $292,500. 2. A temporary loan of $292,500 was received from the General Fund. 3. During the year, teenagers earned and were paid $280,250 under terms of the Summer Employment program. An additional $9,250 is accrued as payable on December 31 . Recognize the receivable and revenue (include the $9,250 of wages payable). 4. Each month a properly documented request for reimbursement was sent to the federal government; checks for $285,250 were received. 5. $257,750 was repaid to the General Fund. 6. Necessary closing entries were made. Prepare journal entries for the year ended December 31 in the accounts of the Summer Employment Grant Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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The budget was recorded. It provided for Estimated Revenues for the year in the amount of $292,500, and for Appropriations in the amount of $292,500. A temporary loan of $292,500 was received from the General Fund. Record the entry for wage expense. Record the entry for grant receivable for wage expense. Each month a properly documented request for reimbursement was sent to the federal government; checks for $285,250 were received. $257,750 was repaid to the General Fund. Record the closing entry for appropriations. Record the closing entry for determining net fund balance. On January 1,2020 , the first day of its fiscal year, Carter City received notification that a federal grant in the amount of $585,000 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 : 1. The budget was recorded. It provided for Estimated Revenues for the year in the amount of $292,500, and for Appropriations in the amount of $292,500. 2. A temporary loan of $292,500 was received from the General Fund. 3. During the year, teenagers earned and were paid $280,250 under terms of the Summer Employment program. An additional $9,250 is accrued as payable on December 31 . Recognize the receivable and revenue (include the $9,250 of wages payable). 4. Each month a properly documented request for reimbursement was sent to the federal government; checks for $285,250 were received. 5. $257,750 was repaid to the General Fund. 6. Necessary closing entries were made. Prepare journal entries for the year ended December 31 in the accounts of the Summer Employment Grant Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 