A city was awarded a 600,000 federal grant to help finance a bridge construction project that is expected to take two years to complete.
The grant will be paid in two installments: (1) 60 (nonrefundable) at the beginning of the project in Year 1, and (2) 40 when the project is completed. Capital Projects Fund revenue should be recognized in Year 1 in the amount of
a. 0
b. 600,000
c. 300,000
d. 360,000
e. 240,000
Question 2
Stryker Company issued a check for June rent in the amount of 650 . In what journal would this transaction be recorded.
a. Sales Journal
b. Cash Payment Journal
c. Cash Receipt Journal
d. General Journal
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