Chapter 4-1 - 4-2. 1. 2. 3. 4. 5. a. c. d. b. d. 6. 7. 8....

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Unformatted text preview: 4-2. 1. 2. 3. 4. 5. a. c. d. b. d. 6. 7. 8. 9. 10. a. c. c. b. b. 4-6. a. (1) May 1, 2011 DUE FROM STATE GOVERNMENT DEFERRED REVENUES Debits Credits 200,000 200,000 (Note: There are no eligibility requirements stipulated in the grant. Thus, the grant can be recorded upon notification. There are, however, time restrictions that half of the grant is to be used in each of the 2012 and 2013 fiscal years. Therefore, revenues cannot be recognized until the period for which use of the grant is intended.) (2) July 1, 2011 CASH DUE FROM STATE GOVERNMENT 100,000 DEFERRED REVENUES REVENUES 100,000 100,000 100,000 (3) During FY 2012 EXPENDITURES VOUCHERS PAYABLE (or CASH) (4) July 1, 2012 Same entries as part (2). 90,000 90,000 ...
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