Problem 2

Use the information provided to complete the steps in the box below.

The following transactions were recorded.

1. The Interstate Fur Trading Commission received a warrant from the Treasury for a $3,000,000 appropriation from Congress for the fiscal year beginning October 1, 2017.
2. The OMB apportioned to the commission $550,000 of its appropriation.
3. The commission head allotted $500,000 to specific purposes.
4. Salaries incurred and paid for the quarter totaled $100,000.
5. Purchase orders for equipment estimated to cost $60,000 were requested.
6. Equipment estimated to cost $45,000 was ordered.
7. The equipment was received along with an invoice for its cost, $43,250.

Required Steps

Using the information above, prepare the necessary general journal entries to record the provided list of transactions.