Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Star Exploration Agency, a unit of the Space Department, was established by Congress to begin operations at the beginning of fiscal year 2014. Following

The Star Exploration Agency, a unit of the Space Department, was established by Congress to begin operations at the beginning of fiscal year 2014. Following are the agencys transactions during October, its first month of operations: October 1 Congress passed and the president approved a $1,000,000 appropriation for this agency. October 1 Of the amount appropriated, $950,000 was apportioned by the OMB. October 1 The Space Department allotted the agency $100,000 to carry out its October operations. October 1 Purchase requests were made for materials and supplies, estimated to cost $88,000. October 4 Purchase orders were placed for materials and supplies, estimated to cost $85,000. The other requests (for $3,000) were cancelled. October 10 Materials and supplies previously ordered were received, together with invoices for $80,000. All items received were placed in inventory. The remaining items (for $5,000) will be received at a later date. October 14 A disbursement schedule was sent to the Treasury, requesting that it pay invoices amounting to $80,000. October 24 The Treasury informed the agency that it had paid invoices amounting to $76,000. October 31 An inventory count showed that $15,000 of materials and supplies was on hand. The rest was used in operations. Use the preceding information to do the following: a. Prepare journal entries to record the events of October., b. Prepare a pre-closing trial balance. c. Prepare the following month-end statements: balance sheet, statement of net costs, statement of changes in net position, and statement of budgetary resources. I need parts b and c sometime today please.

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

Step: 3

blur-text-image

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

American Public School Finance

Authors: William A. Owings, Leslie S. Kaplan

3rd Edition

113849996X, 978-1138499966

More Books

Students also viewed these Finance questions

Question

=+1. What is the brand's character or personality?

Answered: 1 week ago

Question

=+3. Who is the audience?

Answered: 1 week ago

Question

=+4. What do they (audience members) currently think?

Answered: 1 week ago