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Sister City was notified by the State that they had been awarded a $6 million grant to aid in the construction of a senior citizens center. At the time of the notification what is the appropriate entry in the capital projects fund (assuming that the City has met all eligibility requirements and maintains its books and records in a manner to facilitate the preparation of the fund financial statements)?

a) No entry at the time of the notification.

b) Debit Grants Receivable $6 million; Credit Revenue $6 million.

c) Debit Grants Receivable $6 million; Credit Deferred Revenue $6 million.

d) Debit Grants Receivable $6 million; credit Other Financing Sources-Transfer $6 million.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9430500

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