Webb University, a public university, records the following journal entry: Debit Appropriations Receivable $750,000; Credit...
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Webb University, a public university, records the following journal entry: Debit Appropriations Receivable $750,000; Credit Nonoperating Revenue--Appropriations for Operations $750,000. Which of the following describes the transaction or event that led to this journal entry?
Select one:
a. Webb University receives notification of the award of $750,000 of state or local appropriations in the fiscal year for which the appropriations are intended.
b. Webb University received $750,000 of operating appropriations revenue from a state or local government.
c. Webb University receives notification of the award of $750,000 of state or local appropriations in advance of the fiscal year for which the appropriations are intended.
d. Either Webb University received $750,000 of operating appropriations revenue from a state or local government, OR Webb University receives notification of the award of $750,000 of state or local appropriations in advance of the fiscal year for which the appropriations are intended.
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