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Congress authorized the Flood Control Commission to start operations on October 1, 2023. Required Record the following transactions in general journal form as they should
Congress authorized the Flood Control Commission to start operations on October 1, 2023.
Required
- 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.
- 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.
- Prepare the Statement of Changes in Net Position of the Flood Control Commission for the month ended October 31, 2023.
- Prepare the Statement of Budgetary Resources of the Flood Control Commission for the month ended October 31, 2023.
Need help with the following below please (10a, 10b, 10c)
this is the full question. each question is listed under the designated number.
3. The Flood Control Commissioner allotted $1,120,000 for the first month's operations. 5. Payroll for the first two weeks in the amount of $182,000 was paid. \begin{tabular}{|c|l|l|l|l|} \hline 5a & Budgetary & Record the payroll for the first 2 weeks as per budgetary accounting. \\ \hline & & Undelivered Orders-2023 & 182,000 \\ \hline & & Expended Authority-2023 & & \\ \hline & & & 182,000 \\ \hline \end{tabular} 7. A liability was recorded for the payroll for the second two weeks, $172,000, and for the employer's share of FICA taxes for the four weeks, $35,000. (Note: Credit to Accrued Funded Payroll and Benefits.) 8. Accounts payable totaling $213,000 were paid, and this included liabilities for materials and supplies, $161,000, and rent, $52,000. Accrued Funded Payroll and Benefits in the amount of $195,000 were paid. 9. Accruals recorded at month-end were salaries, $42,000, and utilities, $22,000. Materials and supplies costing $72,000 were used during the month. Depreciation of $8,500 was recorded on furniture and equipment for the month. \begin{tabular}{|c|l|l|l|} \hline 9a & Budgetary & Record the accruals at the month-end for various expenses as per budgetary accounting. \\ \hline & & Undelivered Orders-2023 & 64,000 \\ \hline & & Expended Authority-2023 & \\ \hline & & & 64,000 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|} \hline \multicolumn{1}{|c|}{ FLOOD CONTROL COMMISSION } \\ \multicolumn{1}{|c|}{ Balance Sheet } \\ \hline As of October 31, 2023 & \\ \hline Assets & \\ \hline Intragovernmental: & \\ \hline Governmental: & & \\ \hline & Liabilities & \\ \hline Total Assets & \\ \hline & \\ \hline Notal Net Position & & \\ \hline Total Liabilities and Net Position & \\ \hline \end{tabular}Step by Step Solution
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