The City of Picadilly divides its appropriations into allotments, which are expended during the allotment period. In this city, allotments are made at the beginning of each quarter. In FY 2004, estimated revenues are $\$ 500,000$ and unallotted appropriations are $\$ 480,000$. A $\$ 20,000$ increase is projected for the fund

Required: 1. Prepare journal entries to record the allotments, expenditures, and unallotted appropriations for each period, including the year-end closing entries.

Prepare a subsidiary ledger for the allotments, using the following format: $\square$

Date Allotments Expenditures Remaining Balance

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1st quarter $150,000 2nd quarter 100,000 3rd quarter 130,000 4th quarter 100,000 Expenditures for the year are as follows: 1/8 $20,000 7/28 $30,000 2/2 80,000 8/16 40,000 3/15 40,000 9/14 19,000 4/18 35,000 10/15 10,000 5/20 45,000 11/18 30,000 6/15 20,000 12/22 35,000 7/12 50,000 12/30 5,000