Harmon School District accounts for all activities in its General Fund. The school district receives the following grants: 1. Grant A: Harmon seeks to be reimbursed by the state for costs incurred in teaching students with disabilities. To receive reimbursement, the district must submit quarterly reports showing its expenditures, which it has done. Its expenditures for the quarter September through November 2019 were $450,000. Prepare separate journal entries to record its expenditures under the

1 answer
Question:

Harmon School District accounts for all activities in its General Fund. The school district receives the following grants: 1. Grant A: Harmon seeks to be reimbursed by the state for costs incurred in teaching students with disabilities. To receive reimbursement, the district must submit quarterly reports showing its expenditures, which it has done. Its expenditures for the quarter September through November 2019 were $450,000. Prepare separate journal entries to record its expenditures under the grant and its billing to the state. 2. Grant B: Harmon receives a grant in the amount of $100,000 from the federal government for the sole purpose of teaching students with disabilities. The grant contains no time limits and may be used any time after the school district receives the grant. Prepare three separate journal entries to record receipt of the $100,000 grant, expenditure of $65,000 on the grant during school year 2019, and year-end classification of fund balance.

Answers

Answer:Explanation:Harmon School District  is represented as HS1. The journal entries to record expenditure of HS district account under the grant and its billing to the state     Account title and explanation        Debit($)         Credit($)1a) Special education cash                  450,000(expenditure for special education)                           450,0001b) Revenue                                         450,000(due from state government)                                     450,0002. The journal entries to record receipt of the grant   Account title and explanation        Debit($)         Credit($)2a) Revenue -Cash                             100,000( to record receipt for grant)                                       100,000b) Expenditure-special education       65,000           65,000( to record expenditure for grant)      c) unassigned fund balance                 35,000( to record restriction for financial reporting)              35,000  

Similar Solved Questions

2 answers

Jack, Jill, and Bill each carried a 48 ounce bucket full of water down the hill.  By the time they reached the bottom, Jack's bucket was only 3/4 full, Jill's was 2/3 full, and bill's was 1/6 full.  How much water did they spill altogether on their way down the hill?

Jack, Jill, and Bill each carried a 48 ounce bucket full of water down the hill.  By the time they reached the bottom, Jack's bucket was only 3/4 full, Jill's was 2/3 full, and bill's was 1/6 full.  How much water did they spill altogether on their way down the hill?...
1 answer

(-13) + 32 – 8 - 1 in integers ​

(-13) + 32 – 8 - 1 in integers ​...
2 answers

Please help!! giving points and available!!:)

please help!! giving points and available!!:)...
1 answer

A company sells widgets. The amount of profit, y, made by the company, is related to the selling price of each widget, x, by the given equation. Using this equation, find out the maximum amount of profit the company can make, to the nearest dollar. y=-2x^2+105x-859 y=−2x 2 +105x−859

A company sells widgets. The amount of profit, y, made by the company, is related to the selling price of each widget, x, by the given equation. Using this equation, find out the maximum amount of profit the company can make, to the nearest dollar. y=-2x^2+105x-859 y=−2x 2 +105x−859...
2 answers

What does Moonlight mean

What does Moonlight mean...
1 answer

What index of m will be 1/m

what index of m will be 1/m...
1 answer

Read pages 113-118 in social studies text for a quiz tomorrow is that daily or short term or long term goal ?

read pages 113-118 in social studies text for a quiz tomorrow is that daily or short term or long term goal ?...
1 answer

Plz answer it corectly

Plz answer it corectly...
2 answers

Can someone please help me?

Can someone please help me?...
2 answers

Write and evaluate the expression.Check all that apply. Write the expression as 11 +t2 -6 Write the expression as 11 +2t -6 Write the expression as 11 +StartFraction t Over 2 EndFraction -6 The value when t = 5 is 16. The value when t = 5 is 30. The value when t = 5 is 7.5.

Write and evaluate the expression.Check all that apply. Write the expression as 11 +t2 -6 Write the expression as 11 +2t -6 Write the expression as 11 +StartFraction t Over 2 EndFraction -6 The value when t = 5 is 16. The value when t = 5 is 30. The value when t = 5 is 7.5....
1 answer

Khloe opened the letter and glitter spilled everywhere highlight the direct object

Khloe opened the letter and glitter spilled everywhere highlight the direct object...
1 answer

Find the slope of the line graphed

Find the slope of the line graphed...
1 answer

When are island-arc volcanoes formed?

When are island-arc volcanoes formed?...
1 answer

What is the maximum amount of p4 that can be produced from 1.0 kg of phosphorite?

What is the maximum amount of p4 that can be produced from 1.0 kg of phosphorite?...
1 answer

I give it all to you god trusting that you'll make something beautiful out of me lyrics

I give it all to you god trusting that you'll make something beautiful out of me lyrics...
1 answer

6th term of geometric sequence 3584,896,224

6th term of geometric sequence 3584,896,224...
2 answers

Can somebody help me with this ?? :)

Can somebody help me with this ?? :)...
1 answer

Which sequence of stars is listed in order of increasing luminosity? 1) Spica, Rigel, Deneb, Betelgeuse 2) Polaris, Deneb, 40 Eridani B, Proxima Centauri 3) Barnards Star, Alpha Centauri, Rigel, Spica 4) Procyon B, Sun, Sirius, Betelgeus

Which sequence of stars is listed in order of increasing luminosity? 1) Spica, Rigel, Deneb, Betelgeuse 2) Polaris, Deneb, 40 Eridani B, Proxima Centauri 3) Barnards Star, Alpha Centauri, Rigel, Spica 4) Procyon B, Sun, Sirius, Betelgeus...
1 answer

Helpppp plzzzz help

Helpppp plzzzz help...

-- 0.009850--