The Desert Conservation Agency was authorized by the United States Congress to commence operations on October 1.
Question:
The Desert Conservation Agency was authorized by the United States Congress to commence operations on October 1. 2014. Record the following transactions in general journal form. As they should appear in the budgetary and proprietary accounts of the agency. For each entry indicate whether it affects the budgetary accounts or the proprietary accounts.
A. The agency received official notice that its one-year appropriation passed by the Congress and signed by the President amounted to 5350 million for operating expenses for the fiscal year and 5100 million for acquisition of capital assets during the year.
B. The Office of Management and Budget notified the agency that the entire appropriation had been apportioned.
C. The head of the agency allotted S75 million for the first quarter's operating expenses, and 525 million for equipment to be ordered during the first quarter
D. Purchase orders and contracts for services recorded for the first quarter totaled 590 million (the agency does not record commitments prior to placing orders or entering into contracts).
E. Total expenditures for the first quarter amounted to S70 million for operating expenses and S18 million for equipment. For which an obligation in the amount of S84 million had been previously recorded (see item D above). The expenditures were all paid from fund balance with U.S. Treasury.
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille