Identify whether the entry is budgetary or proprietary type

Assignment Help Accounting Basics

Reference no: EM131526067

Question: Using the information from exercise, prepare a schedule showing the status of the appropriation at the end of the first quarter.

Exercise: Assume a federal agency has the following events:

1. Receives a warrant from the Treasury notifying the agency of appropriations of $2,400,000.

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

3. The director of the agency allots $590,000 to program units.

4. Program units place orders of $550,000.

5. Supplies ($100,000) and services ($320,000) are received during the first quarter. Supplies of $80,000 were used in the quarter.

Required: Prepare any necessary journal entries to reflect the events described above. Identify whether the entry is a budgetary or proprietary type.

Reference no: EM131526067

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