12/5/17. Carey, NC was received a $30,000 grant from the U.S. Department ofHomeland Security to study local policing issues. A Special Revenues Fund was created(ignore budget adoption). The monies were received in the Special Revenues Fund, andthen transferred to the General Fund.1. The Special Revenues Fund receives the funds from the U.S. Department of HomelandSecurity. Journalize the receipt of the grant proceeds in the Special Revenues Fund:2. The Special Revenues Fund transfers the grant proceeds to the General Fund, wherethe monies will be spent on the study (in Public Safety). Journalize the entry in theSpecial Revenues Fund to transfer the monies to the General Fund:3. In the General Fund, journalize the receipt of the $30,000 from the Special RevenuesFund:4. Assume Carey, NC spends $22,000 on the study. Journalize the entry in the GeneralFund to record the expenditure and liability (ignore encumbrances):
This question was answered on: May 23, 2022
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