Question

Prepare the general journal entries required to record each of the following transactions.
1. The Interstate Fur Trading Commission received a warrant from the Treasury for a $2,000,000 appropriation from Congress for the fiscal year beginning October 1, 20X7.
2. The OMB apportioned to the commission $500,000 of its appropriation.
3. The commission head allotted $400,000 to specific purposes.
4. Salaries incurred and paid for the quarter totaled $120,000.
5. Purchase orders for equipment estimated to cost $50,000 were requested.
6. Equipment estimated to cost $33,000 was ordered.
7. The equipment was received along with an invoice for its cost, $32,890.



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  • CreatedOctober 25, 2014
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