Using the information from Exercise 14-6, prepare a schedule showing the status of the appropriation at the

Question:

Using the information from Exercise 14-6, prepare a schedule showing the status of the appropriation at the end of the first quarter.

In Exercise 14-6,

1. Receives a warrant from the Treasury notifying the agency of appropriations of $3,600,000.

2. OMB apportions one-fourth of the appropriation for the first quarter of the year.

3. The director of the agency allots $850,000 to program units.

4. Program units place orders of $600,000.

5. Supplies ($100,000) and services ($420,000) are received during the first quarter. Supplies of $90,000 were used in the quarter. Accounts payable were paid in full.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...