Prepare any necessary journal entries for the events

Assignment Help Accounting Basics

Reference no: EM131526072

Question: 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: EM131526072

Questions Cloud

Potential problems associated with myopic view : Some managers focus on the 'bottom line,' meaning net income. Discuss some of the potential problems associated with such a myopic view.

What motivated circon chairman and ceo richard auhll : What motivated Circon Chairman and CEO Richard Auhll? What are his incentives that strongly aligned his interests with those of the shareholders

Calculate the economic value of the stock now : The required rate of return for this stock is 10.22%. Calculate the economic value of the stock now (end of the Year 2016).

Short biography of the three most important jazz musicians : Write a short biography of the three most important jazz musicians to emerge in the 1980s. Each biography should be one paragraph long.

Prepare any necessary journal entries for the events : Assume a federal agency has the following events: Receives a warrant from the Treasury notifying the agency of appropriations of $2,400,000.

Which the defendant wished to have communicated : Why do you think that the trial court refused to give the jury instructions regarding the insanity defense, which the defendant wished to have communicated?

How would you describe j and js organizational structure : How would you describe J&J's organizational structure? What does Mr. Weldon describe as the benefits of this type of structure and why?

Future value of an ordinary annuity : Explain why the future value of an annuity due is greater than the future value of an ordinary annuity (all else being equal).

Select a country and a public health issue of concern : Key statistics and background information about the public health issue in the selected country - Students will select a country and a public health issue

User Account

All Pages