The city of waterville applied for a grant from the state government to build a pedestrian bridge over the river inside the city's park. On may 1, the city was notified that it had been awarded a grant of up to $200,000 for the project. The state will provide reimbursement for allowable expenditures. On may 5, the special revenue fund entered into a short-term loan with the general fund for $200,000 so it could start bridge construction. During the year, the special revenue fund expended $165,000 for allowable bridge construction costs, for which it submitted documentation to the state. Reimbursement was received from the state on december 13.

1. No journal entry on May 1

2. May 5

Dr Cash count 200,000

Cr Interfund loans payable200,000

3. Dr Expenditures account debited165,000

Credit Vouchers payable account165,000

Dr State Government account 165,000Credit Revenue account 165,000

4. December 13

Dr Cash account 165,000

Credit Dues from state government account 165,000

5. December 31

Dr Revenue account debited165,000

Cr Expenditure account 165,000

Explanation:

Preparation of Journal entries

1. No journal entry on May 1

2. Preparation of Journal entry for short term loan

May 5

Dr Cash count 200,000

Cr Interfund loans payable200,000

(To record short term loan is recorded)

3. Preparation of Journal entry for the payment of expendtiture

Dr Expenditures account debited165,000

Credit Vouchers payable account165,000

( To record the expenditure incurred )

Dr State Government account 165,000Credit Revenue account 165,000

( Being recorded in the sate government)

4. Preparation of Journal entry for government reimbursement of funds

December 13

Dr Cash account 165,000

Credit Dues from state government account 165,000

(To record the receipts of dues )

5. Preparation of the Adjusted Entry for the revenue and expenditure

December 31

Dr Revenue account debited165,000

Cr Expenditure account 165,000

( To record the closing of entries )

it's actually a very difficult task, due to not many people can make 2 million dollars in 2 years. besides that, to the not-so-realistic ideas, you can create a business. it could be practically anything, but make it into a business that isn't that known yet, you get me? also, lets not forget about stock market. that's where all the good stuff happens. use investments at the beginning and begin to raise up your business or whatever you're going to do. as this is a very non-realistic idea, it's still worth the shot!

a. primarily outdoors, responding to emergencies and protecting people.

have a nice day!