Chapter 11- Problem 2

Use the information provided to complete the steps in the box below.

The following transactions were recorded.

The Interstate Fur Trading Commission received a warrant from the Treasury for a $3,000,000 appropriation from Congress for the fiscal year beginning October 1, 2017.

The OMB apportioned to the commission $550,000 of its appropriation.

The commission head allotted $500,000 to specific purposes.

Salaries incurred and paid for the quarter totaled $100,000.

Purchase orders for equipment estimated to cost $60,000 were requested.

Equipment estimated to cost $45,000 was ordered.

The equipment was received along with an invoice for its cost, $43,250.

Required Steps

Using the information above, prepare the necessary general journal entries to record the provided list of transactions.