Exercises
69. Assume a federal agency has the following events:
1.Receives a warrant from the Treasury notifying the agency of appropriations of $12,000,000.
2.OMB apportions 1/4th
of the appropriation for the first quarter of the year.
3.The Director of the agency allots $ 2,850,000 to program units.
4.Program units place orders $ 2,790,000.
5.Supplies ($ 490,000) and services ($ 2,291,000) are received and paid during the first quarter. Supplies of $ 417,000 were used in the quarter.
Required: Prepare any necessary journal entries to reflect the events described above. Identify whether the entry is budgetary or proprietary.
70. Assume a federal agency prepared the following journal entries during the first quarter of the year. Prepare a schedule showing the status of the appropriation at the end of the first quarter.