Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Receives a warrant from the Treasury notifying the agency of appropriations of $3,600,000. 2. OMB apportions one-fourth of the appropriation for the first quarter

image text in transcribed

1. Receives a warrant from the Treasury notifying the agency of appropriations of $3,600,000. 2. OMB apportions one-fourth of the appropriation for the first quarter of the year. 3. The director of the agency allots $850,000 to program units. 4. Program units place orders of $600,000. 5. Supplies ($100,000) and services ($420,000) are received during the first quarter. Supplies of $90,000 were used in the quarter. Accounts payable were paid in full. Required: Prepare any necessary journal entries to reflect the events described above. Identify whether the entry is a budgetary or proprietary type

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Proli Footwear Inc An Audit And Fraud Simulation For Team-Based Student Learning

Authors: Patricia Poli, Richard Proctor

2nd Edition

0615455492, 978-0615455495

More Books

Students also viewed these Accounting questions