Business, 14.04.2020 19:36, darius12318
Excel City was awarded a $900,000 federal operating grant for use in Year 20X2. On December 1 of year 20X1, half of the grant money was received by the city. The journal entry to record receipt of the grant funds will include:.
A) A credit to Grant Revenues of $450,000.
B) A credit to Deferred Inflow of Resources—Grant Award in the amount of $900,000.
C) A credit to Deferred Inflow of Resources—Grant Proceeds in the amount of $450,000.
D) No entry until the grant resources are expended.
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Excel City was awarded a $900,000 federal operating grant for use in Year 20X2. On December 1 of yea...
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