The journal entry to record this transaction will include
The city of Milan was notified that it had been approved for a state government grant in the amount of $1,000,000 to help finance its new city jail. The money from the grant will be received later in the current fiscal year. The journal entry to record this transaction will include (Points : 2)
A credit to Other Financing Sources upon notification.
A credit to Revenues when all eligibility requirements are met.
A credit to Revenues upon receipt of the money from the state.
A credit to Other Financing Sources upon receipt of the money from the state.