Special Revenue Fund for the Town of Thorton
Not what you're looking for?
The Town of Thorton applied for a grant from the state government for providing an after-school recreational program for at-risk children from low-income families. On January 15, 2008, Thornton was notified that it had been awarded $100,000 for the program. Children are eligible for this program is their family income is less than $25,000. The program provides up to $1,000 per child served. The gram provides twice monthly reimbursement of all allowable costs of conducting the program, upon notification of program services provided and related expenditures incurred. No time limit is imposed for completion of the program. Any unused grant award can be carried forward to the next fiscal year. By December 31, 2008, its fiscal year-end, Thorton had expended $78,000 in providing services for eligible beneficiaries. Reimbursements of $72,000 had been received by this date.
Provide appropriate journal entries in both the special revenue fund and governmental activities journals, if any, that would be made upon notification of the grant award.
Also, provide the appropriate journal entries for FY 2008 in both the special revenue fund and governmental activities journals, assuming that the program expenses are incurred in the Parks and Recreation function.
Purchase this Solution
Solution Summary
Journal entries for a government grant to a town used to run after-school activities for disadvantaged children.
Solution Preview
Provide appropriate journal entries in both the special revenue fund and governmental activities journals, if any, that would be made upon notification of the grant award.
Governmental Activities Journal entry
Budget ...
Purchase this Solution
Free BrainMass Quizzes
Managing the Older Worker
This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce
Change and Resistance within Organizations
This quiz intended to help students understand change and resistance in organizations
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.
Operations Management
This quiz tests a student's knowledge about Operations Management
Team Development Strategies
This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.