s on July 1,2015
The City of Jamestown want to improve hikind trails and bike paths for park improvement. The city applies for a grant from state government. On April 1 the city receives a notes that they will be awarded a grant of $420,000 for the program and to be received in two installments on July 1,2015 and July 1,2016. The grant stipulates that $210,000 is for use in each of the city’s fiscal years ending June 30, 2016, and June 30, 2017. During FY 2015, the city expended $90,000 for park improvements from grant resources.
Required:
For the special revenue fund, provide the appropriate
1. April 1, 2015, notification of grant approval.
2. July 1, 2015, receipt of first installment of the grant.
3. During FY 2015 to record expenditures under the grant.
4. July 1, 2016.
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