The City and County of PreVatte received a state grant for revitalizing its downtown district. The grant of $18,000,000 requires the government to file for reimbursement after incurring qualifying expenditures. The state routinely reviews such requests and pays the grantees within 45 days. Record the following transactions of the City and County of PreVatte’s Downtown Revitalization Special Revenue Fund. Ignore budgetary and subsidiary ledger entries.
1. Hired a director of downtown revitalization responsible for planning activities and projects designed to improve the downtown district. The approved salary was $87,500.
2. Paid $3,000,000 to various business owners as grants to assist them in refurbishing down-town buildings.
3. Paid the director’s and other appropriate employees’ salaries, $125,000.
4. Filed for reimbursement from the state at year end.

  • CreatedOctober 25, 2014
  • Files Included
Post your question