Required information [The following information applies to the questions displayed below.] Evergreen County acts as the disbursing agent for a state grant for the performing arts. The state is responsible for determining which local governments are eligible for the grant money and for following up to ensure that the recipients comply with the requirements of the grant. The county receives the grant funds and disburses them according to the schedule provided by the state. When the county was asked to participate, the county's attorney was concerned that the county might be held responsible for any disallowed costs. The state agreed to accept responsibility for any disallowed costs, so the county decided to act as the custodian for the state for this grant. The schedule for the grant funds to be awarded in the current fiscal year is shown below: City of Boulder Aspen Township $2,130,000 1,430,000 930,000 630,000 Snowton Firtree Village Total $5,120,000 Required a. Prepare the general journal entries necessary to record Evergreen County's receipt and disbursement of the grant money in March. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Required information [The following information applies to the questions displayed below.] Evergreen County acts as the disbursing agent for a state grant for the performing arts. The state is responsible for determining which local governments are eligible for the grant money and for following up to ensure that the recipients comply with the requirements of the grant. The county receives the grant funds and disburses them according to the schedule provided by the state. When the county was asked to participate, the county's attorney was concerned that the county might be held responsible for any disallowed costs. The state agreed to accept responsibility for any disallowed costs, so the county decided to act as the custodian for the state for this grant. The schedule for the grant funds to be awarded in the current fiscal year is shown below: City of Boulder Aspen Township $2,130,000 1,430,000 930,000 630,000 Snowton Firtree Village Total $5,120,000 Required a. Prepare the general journal entries necessary to record Evergreen County's receipt and disbursement of the grant money in March. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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THIS IS ALL THAT WAS GIVEN IN THE QUESTION: Pass-through Custodial Funds. (LO8-2) Evergreen County acts as the disbursing agent for a state grant for the performing arts. The state is responsible for determining which local governments are eligible for the grant money and for following up to ensure that the recipients comply with the requirements of the grant. The county receives the grant funds and disburses them according to the schedule provided by the state. When the county was asked to participate, the county’s attorney was concerned that the county might be held responsible for any disallowed costs. The state agreed to accept responsibility for any disallowed costs, so the county decided to act as the custodian for the state for this grant. The schedule for the grant funds to be awarded in the current fiscal year is shown below: CITY OF BOULDER $2,100,000 ASPEN TOWNSHIP $1,400,000 SNOWTON $900,000 FIRTREE VILLAGE…
Required information [The following information applies to the questions displayed below.] Evergreen County acts as the disbursing agent for a state grant for the performing arts. The state is responsible for determining which local governments are eligible for the grant money and for following up to ensure that the recipients comply with the requirements of the grant. The county receives the grant funds and disburses them according to the schedule provided by the state. When the county was asked to participate, the county's attorney was concerned that the county might be held responsible for any disallowed costs. The state agreed to accept responsibility for any disallowed costs, so the county decided to act as the custodian for the state for this grant. The schedule for the grant funds to be awarded in the current fiscal year is shown below: City of Boulder Aspen Township Snowton Firtree Village Total $2,250,000 1,550,000 1,050,000 750,000 $5,600,000
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