Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume that a federal agency sees the following events occur: It receives a warrant from the Treasury notifying the agency of appropriations of $16,000,000. The

image text in transcribed

image text in transcribed

Assume that a federal agency sees the following events occur: It receives a warrant from the Treasury notifying the agency of appropriations of $16,000,000. The OMB apportions one-fourth of the appropriation for the first quarter of the year. The director of the agency allots $3,960,000 to program units. The program units place orders totaling $3,712,000. Supplies ($500,000) and services ($2,975,000) are received. The items received above were paid for. Supplies of $417,000 were used in the quarter. Required: Using the template provided in this module, prepare any necessary journal entries in the correct journal (budgetary or proprietary) to reflect the events described above. If no entry is necessary, enter "No entry" for your answer. You may Budgetary Accounting Proprietary Accounting A. A. Date Account Debit Credit Date Account Debit Credit B. B. Date Account Debit Credit Date Account Debit Credit C. C. Date Account Debit Credit Date Account Debit Credit D. Date D. Date Account Debit Credit Account Debit Credit E. E. Date Account Debit Credit Date Account Debit Credit F. F. Date Account Debit Credit Date Account Debit Credit G. G Date Account Debit Credit redit Date Account Debit Credit Assume that a federal agency sees the following events occur: It receives a warrant from the Treasury notifying the agency of appropriations of $16,000,000. The OMB apportions one-fourth of the appropriation for the first quarter of the year. The director of the agency allots $3,960,000 to program units. The program units place orders totaling $3,712,000. Supplies ($500,000) and services ($2,975,000) are received. The items received above were paid for. Supplies of $417,000 were used in the quarter. Required: Using the template provided in this module, prepare any necessary journal entries in the correct journal (budgetary or proprietary) to reflect the events described above. If no entry is necessary, enter "No entry" for your answer. You may Budgetary Accounting Proprietary Accounting A. A. Date Account Debit Credit Date Account Debit Credit B. B. Date Account Debit Credit Date Account Debit Credit C. C. Date Account Debit Credit Date Account Debit Credit D. Date D. Date Account Debit Credit Account Debit Credit E. E. Date Account Debit Credit Date Account Debit Credit F. F. Date Account Debit Credit Date Account Debit Credit G. G Date Account Debit Credit redit Date Account Debit Credit

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_2

Step: 3

blur-text-image_3

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

Practitioners Guide To Business Impact Analysis Internal Audit And IT Audit

Authors: Priti Sikdar

1st Edition

036756792X, 978-0367567927

More Books

Students also viewed these Accounting questions