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A count received $3,000,000 from the state. $1,500,000 of the $3,000,000 was received under an entitlement program and was not restricted as to use. The other $1,500,000 was received under a grant agreement that requires the funds to be used for specific health and welfare programs. The county accounts for the resources from both of these programs in a Special Revenue Fund. Expenditures of that fund that qualified under the grant agreement totaled $900,000 in the year that the grant and entitlement were received. What amount of revenues should the county recognize in that year with respect to the entitlement and the grant?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9100184

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