Harmon School District accounts for all activities in its General Fund. The school district receives the following grants: 1. Grant A: Harmon seeks to be reimbursed by the state for costs incurred in teaching students with disabilities. To receive reimbursement, the district must submit quarterly reports showing its expenditures, which it has done. Its expenditures for the quarter September through November 2019 were $450,000. Prepare separate journal entries to record its expenditures under the grant and its billing to the state. 2. Grant B: Harmon receives a grant in the amount of $100,000 from the federal government for the sole purpose of teaching students with disabilities. The grant contains no time limits and may be used any time after the school district receives the grant. Prepare three separate journal entries to record receipt of the $100,000 grant, expenditure of $65,000 on the grant during school year 2019, and year-end classification of fund balance.

Explanation:

Harmon School District  is represented as HS

1. The journal entries to record expenditure of HS district account under the grant and its billing to the state

    Account title and explanation        Debit($)         Credit($)

1a) Special education cash                  450,000

(expenditure for special education)                           450,000

1b) Revenue                                         450,000

(due from state government)                                     450,000

2. The journal entries to record receipt of the grant

  Account title and explanation        Debit($)         Credit($)

2a) Revenue -Cash                             100,000

( to record receipt for grant)                                       100,000

b) Expenditure-special education       65,000           65,000

( to record expenditure for grant)      

c) unassigned fund balance                 35,000

( to record restriction for financial reporting)              35,000  

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