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Assume a federal agency has the following events: Receives a warrant from the Treasury notifying the agency of appropriations of $3,600,000. OMB apportions one-fourth of
Assume a federal agency has the following events:
- Receives a warrant from the Treasury notifying the agency of appropriations of $3,600,000.
- OMB apportions one-fourth of the appropriation for the first quarter of the year.
- The director of the agency allots $875,000 to program units.
- Program units place orders of $600,000.
- Supplies ($120,000) and services ($420,000) are received during the first quarter. Supplies of $100,000 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.
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