Required information The fowowing information appies to the questions displayed

Question

Required information The fowowing information appies to the questions displayed below Evergreen County acts as the disbursing agent for a state grant for the performing arts. The state s responsible for determining which local governments are e gible for the grant money and for following up to ensure that the recipients comply with the requirements of the grant. The county recelves 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 d'salowed costs. The state agreed to accept responsibility for any disallowed costs, so the county decided to act as the custodlan 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 $2,130,000 Aspen Township 1,430,000 930,000 Firtree village630000 $5,120,000 Total b. Prepare the general journal entries required to record Aspen Township's receipt of the funds; assume that funds are to be used to construct a new performing arts center and al time and elig bility requirements have been met.(If no entry is required for a transactionevent, select "No Journal Entry Required" in the first account field.) General Journal Debit Credit Record s receipt of the funds. Capital Projects Fund Activites

Explanation / Answer

Particulars Debit Credit Bank or Cash A/c 1430000 Grant for Aspson township 1430000 Narration : Being Grant Received for Constrction of APSON TOWNSHIP

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