Question

Prepare the general journal entries to adjust and close the Environmental Enhancement Agency’s accounts at year end, assuming the agency is financed solely from appropriations.
Appropriations expended for operating costs . . . . . . . . . . . . . . . . . . $3,700,000
Appropriations expended for inventory . . . . . . . . . . . . . . . . . . . . . . . 400,000
Appropriations expended for property, plant, and equipment . . . . 1,200,000
Depreciation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000
Cost of inventory used during the period . . . . . . . . . . . . . . . . . . . . . . 420,000
Expired authority for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212,000
Undelivered orders at year end . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185,000



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  • CreatedOctober 25, 2014
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