Financial statements after initial month of operations

The Black Hole, a unit of the Space Department, was established October 1, 2022. Its purpose is to probe deep space. It is financed by an appropriation from Congress. Following are the transactions of the agency during October 2022: October 1 The agency received a certified copy of an appropriation warrant from the Department of the Treasury for $900,000. October 1 The entire appropriation of $900,000 was apportioned by the OMB. October 1 Of the amount apportioned, $400,000 was allotted to the agency by the Space Department to finance its October operations. October 4 The agency ordered special training equipment at an estimated cost of $275,000. October 14 The equipment arrived, together with an invoice for $300,000. The equipment was accepted at the price charged, because the contract permitted a 10 percent cost overrun. October 24 The agency sent a disbursement schedule to Treasury requesting payment of the following items. (The agency does not obligate salaries or utility bills but maintains offline controls to ensure allotments are not exceeded.)

Equipment	$300,000
Salaries	75,000
Utilities	20,000

October 27 Treasury notified the agency that all items on the disbursement schedule had been paid. October 31 The agency recorded depreciation of $5,000 on the equipment.

a) Prepare the budgetary journal entries needed to record the above transactions and events. Enter accounts in order of magnitude (largest to smallest amounts), debits first. If no entry is necessary, select 'No debit (or credit) entry needed in the account fields and enter 0 in the amount fields. Account