West University, a public university, is notified in May that the State will provide appropriations...
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Accounting
West University, a public university, is notified in May that the State will provide appropriations of $1,000,000 for the upcoming fiscal year beginning July 1. The State does not provide any cash at that time, and West expects quarterly payments to begin in July. What journal entry will West University record in May?
Select one:
a. Debit Appropriations Receivable $1,000,000; Credit Unearned Appropriations Revenue $1,000,000
b. None of these
c. Debit Appropriations Receivable $1,000,000; Credit Appropriations Revenue $1,000,000
d. Debit Appropriations Receivable $250,000; Credit Unearned Appropriations Revenue $250,000
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