On the same date the state announced a $10 million grant to another school district for the
Question:
a. Prepare the journal entries that the state would make in fiscal 2013 to record the awards in an appropriate governmental fund. Briefly justify the amount of expenditure that you recognized.
b. What, if any, adjustment to the amount of expenditure recognized would the state have to make in preparing its government-wide statements?
c. Describe briefly how the recipients would account, in both fund and government-wide statements for the awards.
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Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118155974
6th edition
Authors: Michael H. Granof, Saleha B. Khumawala
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