Congress authorized the Flood Control Commission to start operations on October 1, 2023.

Required

1. Record the following transactions in general journal form as they should appear in the accounts of the Flood Control Commission. Record all expenses in the Operating/Program Expenses account.
2. Prepare the Balance Sheet of the Flood Control Commission as of October 31, 2023, assuming that all of the Commissions assets are entity assets, Fund Balance with Treasury is intragovernmental, and all other assets are governmental.
3. Prepare the Statement of Changes in Net Position of the Flood Control Commission for the month ended October 31, 2023.
4. Prepare the Statement of Budgetary Resources of the Flood Control Commission for the month ended October 31, 2023.
5. Record the following transactions in general journal form as they should appear in the accounts of the Flood Control Commission. Record all expenses in the Operating/Program Expenses account. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

1. The Flood Control Commission received official notice that the one-year appropriation passed by Congress and signed by the president amounted to $7,000,000 for operating expenses.

a. Record the appropriation amount passed for the year for operating expenses as per budgetary accounting.

b. Record the appropriation amount passed for the year for operating expenses as per proprietary accounting.

2. The Office of Management and Budget notified the Commission of the following schedule of apportionments: first quarter, $2,000,000; second quarter, $2,000,000; third quarter, $1,500,000; and fourth quarter, $1,500,000.

3. The Flood Control Commissioner allotted $1,000,000 for the first months operations.

4. Obligations were recorded for salaries and fringe benefits, $400,000; furniture and equipment, $270,000; materials and supplies, $250,000; and rent and utilities, $50,000. The Commission does not record commitments prior to recording obligations.

5. Payroll for the first two weeks in the amount of $170,000 was paid.

a.Record the payroll for the first 2 weeks as per budgetary accounting.

b.Record the payroll for the first 2 weeks as per proprietary accounting.

1. Record the transfer from the Fund balance with treasury for payroll expenses as per proprietary accounting.

7. A liability was recorded for the payroll for the second two weeks, $160,000, and for the employers share of FICA taxes for the four weeks, $23,000. (Note: Credit to Accrued Funded Payroll and Benefits.)

8. Accounts payable totaling $189,000 were paid, and this included liabilities for materials and supplies, $149,000, and rent, $40,000. Accrued Funded Payroll and Benefits in the amount of $183,000 were paid.

9. Accruals recorded at month-end were salaries, $30,000, and utilities, $10,000. Materials and supplies costing $60,000 were used during the month. Depreciation of $2,500 was recorded on furniture and equipment for the month.

d.Record the appropriation used towards payroll expenses as per proprietary accounting.

6. Invoices approved for payment totaled $395,000; of the total, $180,000 was for furniture and equipment, $175,000 for materials and supplies, and $40,000 for rent.

a.Record the invoices approved for payment as per budgetary accounting.

b.Record the invoices approved for payment as per proprietary accounting.

c.Record the appropriation used towards invoces approved for payment as per proprietary accounting.

a.Record the liabilities for payroll as per budgetary accounting.

b.Record the liabilities for payroll as per proprietary accounting.

c.Record the appropriation used towards payroll and benefits as per proprietary accounting.

a.Record the payment of accounts payables as per proprietary accounting.

b.Record the transfer of fund balance in treasury for payment of accounts payables as per proprietary accounting.

a.Record the accruals at the month-end for various expenses as per budgetary accounting.

b.Record the accruals at the month-end for various expenses as per proprietary accounting.

c.Record materials and supplies used during the month as per proprietary accounting.

d.Record the depreciation expenses as per proprietary accounting.

e.Record the appropriations used at the month-end for various expenses as per proprietary accounting.

10. Necessary closing entries were prepared as of October 31, 2023.

a.Record the closing entries as per budgetary accounting.

b.Record the closing entries as per proprietary accounting.

c.Record the transfer of the cumulative results of operations to the appropriations used account as per proprietary accounting.