On January $1,2020,$ the first day of its fiscal year, Carter City received notification that a federal grant in the amount of $$595,000$ was

opproved. The grant was restricted for the poyment of wages to teensgers for summer employment. The terms of the grant permitted

reimbursement only after qualified expenditures hove been made; the grant could be used over a two$-$year period. The following dato

pertsin to operations of the SUMMER EMPLOYMENT GRANT FUND, a specisl revenue fund of Corter City, during the year ended

December $31,2020$ :

The budget was recorded. It provided for Estimated Revenues for the yesr in the amount of $$297,500,$ and for Appropriations in the

amount of $$297,500.$

A temporory loon of $$297,500$ ws received from the General Fund.

During the year, teensgers earned and were poid $$284,350$ under terms of the Summer Employment program. An additional $$9,750$

is accrued as payable on December $31.$ Recognize the receivable and revenue $($include the $$9,750$ of woges poysble$).$

Each month o properly documented request for reimbursement was sent to the federal government; checks for $$289,750$ were

received.

$$260,850$ was repaid to the General Fund.

Necessary closing entries were mode.

Prepare journal entries for the yesr ended December $31$ in the sccounts of the Summer Employment Gront Fund. $($If no entry is

required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

The budget was recorded. It provided for Estimated Revenues for the year in

the amount of $$297,500,$ and for Appropriations in the amount of $$297,500.$

Note: Enter debits before credits.