Required information [The following information applies to the questions displayed below.] Evergreen County acts as the disbursing agent for a state grant for the performing arts. The state is responsible for determining which local governments are eligible for the grant money and for following up to ensure that the recipients comply with the requirements of the grant. The county receives the grant funds and disburses them according to the schedule provided by the state. When the county was asked to participate, the county's attorney was concerned that the county might be held responsible for any disallowed costs. The state agreed to accept responsibility for any disallowed costs, so the county decided to act as the custodian for the state for this grant. The schedule for the grant funds to be awarded in the current fiscal year is shown below: City of Boulder Aspen Township $2,130,000 1,430,000 930,000 630,000 Snowton Firtree Village Total $5,120,000 Required a. Prepare the general journal entries necessary to record Evergreen County's receipt and disbursement of the grant money in March. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Required information [The following information applies to the questions displayed below.] Evergreen County acts as the disbursing agent for a state grant for the performing arts. The state is responsible for determining which local governments are eligible for the grant money and for following up to ensure that the recipients comply with the requirements of the grant. The county receives the grant funds and disburses them according to the schedule provided by the state. When the county was asked to participate, the county's attorney was concerned that the county might be held responsible for any disallowed costs. The state agreed to accept responsibility for any disallowed costs, so the county decided to act as the custodian for the state for this grant. The schedule for the grant funds to be awarded in the current fiscal year is shown below: City of Boulder Aspen Township $2,130,000 1,430,000 930,000 630,000 Snowton Firtree Village Total $5,120,000 Required a. Prepare the general journal entries necessary to record Evergreen County's receipt and disbursement of the grant money in March. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following information applies to the questions displayed below.]
Evergreen County acts as the disbursing agent for a state grant for the performing arts. The state is responsible for
determining which local governments are eligible for the grant money and for following up to ensure that the recipients
comply with the requirements of the grant. The county receives the grant funds and disburses them according to the
schedule provided by the state. When the county was asked to participate, the county's attorney was concerned that the
county might be held responsible for any disallowed costs. The state agreed to accept responsibility for any disallowed
costs, so the county decided to act as the custodian for the state for this grant.
The schedule for the grant funds to be awarded in the current fiscal year is shown below:
City of Boulder
Aspen Township
$2,130,000
1,430,000
930,000
630,000
Snowton
Firtree Village
Total
$5,120,000
Required
a. Prepare the general journal entries necessary to record Evergreen County's receipt and disbursement of the grant money in March.
(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Answer is complete but not entirely correct.
No
Transaction
General Journal
Debit
Credit
1
Cash
5,120,000 O
2,130,000 X
1,430,000 X
Due to City of Boulder
Due to Aspen Township
Due to Snowton
930,000 X
Due to Firtree Village
630,000
B
2
Deductions-Payment Of Grant Funds To Recipients
2,130,000 X
Additions-Grant Funds For Recipients
2,130,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F354690be-5046-478b-acdb-02c62dd239f4%2F27138b34-046b-48c4-bf60-c3d157d899c7%2F7qdypr_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Evergreen County acts as the disbursing agent for a state grant for the performing arts. The state is responsible for
determining which local governments are eligible for the grant money and for following up to ensure that the recipients
comply with the requirements of the grant. The county receives the grant funds and disburses them according to the
schedule provided by the state. When the county was asked to participate, the county's attorney was concerned that the
county might be held responsible for any disallowed costs. The state agreed to accept responsibility for any disallowed
costs, so the county decided to act as the custodian for the state for this grant.
The schedule for the grant funds to be awarded in the current fiscal year is shown below:
City of Boulder
Aspen Township
$2,130,000
1,430,000
930,000
630,000
Snowton
Firtree Village
Total
$5,120,000
Required
a. Prepare the general journal entries necessary to record Evergreen County's receipt and disbursement of the grant money in March.
(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Answer is complete but not entirely correct.
No
Transaction
General Journal
Debit
Credit
1
Cash
5,120,000 O
2,130,000 X
1,430,000 X
Due to City of Boulder
Due to Aspen Township
Due to Snowton
930,000 X
Due to Firtree Village
630,000
B
2
Deductions-Payment Of Grant Funds To Recipients
2,130,000 X
Additions-Grant Funds For Recipients
2,130,000
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