The City of Smithville was awarded a federal grant on May 1, 2015 in the amount of $2,400,000 for the purpose of conducting a summer youth employment program. This was a reimbursement-type grant. On August 31, $5,475,000 of expenditures was recorded, and cash was paid out. On October 15 the $5,475,000 was received from the federal government. Record necessary entries as of July 1, August 31, September 30 and October 15.
| Date | journal | debit | credit |
| May 1 | memo entry only | ||
| August 31 | expenditure control | $5475000 | |
| To cash | $5475000 | ||
| Due from central government | $5475000 | ||
| To revenue control | $5475000 | ||
| October 15 | cash | $5475000 | |
| To due from central government | $5475000 | ||
The City of Smithville was awarded a federal grant on May 1, 2015 in the amount...