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| The general fund of Karsten City received a $30,000 unrestricted grant from the State on June 12, year 1. The cash was received by the general fund on June 12 and was used to pay for capital expenditures that were incurred on June 29. Accounts payable related to the capital expenditures were paid in July year 1. Karsten City’s fiscal year ends on June 30.What account should be credited in the general fund on the date the grant was received? A. Unreserved fund balance. B. Deferred inflow of resources. C. Fund balance reserved for capital expenditures. D. Revenue. |