Requirement A Answer is not complete.Complete this question by entering your answers in the tabs below.Required ARequired BRequired CPrepare journal entries in the proprietary accounts for the events described above. (If no entry is required for atransaction/event, select "No Journal Entry Required" in the first account field.)DebitCreditNoTransactionGeneral JournalFund Balance with TreasuryUnexpended Appropriations16, 100,0001.16,100,0002Accounts Payable127,000 O2.Wages PayableSuppliesEquipmentProgram Expenses81,000 O502,000 O510,000 O2,506,000Fund Balance with Treasury3,726,0003Program Expenses26,000Wages Payable26,00044Supplies13,000Program Expenses71,000Accounts Payable84,000Program ExpensesSupplies5.388,000 OProgram Expenses62,000Accumulated Depreciation62,000 ssume the Federal Interstate Commission began the fiscal year with the following account balances:FEDERAL INTERSTATE COMMISSIONTrial BalanceOctober 1, 2020DebitsCreditsPund Balance with TreasurySuppliesEquipmentAccumulated DepreciationAccounts PayableWages PayableCumulative Results of Operations$ 732,000106,0001,353,000$ 481,000127,00081,0001,502,000$2,191,000 $2,191,000Congress passed a spending bill providing $16,100,000 to fund the agency's operations for the year.During the first quarter the commission processed the following items for payment (all items were paid by Treasury in the firstquarter).Accounts payableWages payableSalarien and benefitsSuppliesContracted services$ 127,00081,000496,000502,0001,100,000910,000510,000$3,726,000GrantsEquipmentTotalB. Unpaid wages at the end of the quarter totaled $26,000.4. In addition to the items paid in item 2, the commission received supplies of $13,000 and contracted services of $71,000 that are tobe processed for payment in January.5. Unused supplies on hand totaled $216,000 at December 31.5. Depreciation for the quarter is $62,000.Required:. Prepare Journal entries in the proprietary accounts for the events described above.. Prepare a Statement of Changes in Net Position for the quarter ended December 31. (Assume the amount of appropriations used is3,914,000.)E. Prepare a Balance Sheet as of December 31.Answer is not complete.

(As only requirement A is asked by student and all entries are correct except entry 5 of supplies.…

Complete this question by entering your answers in the tabs below. Required A Required B Required C "repare journal entries in the proprietary accounts for the events described above. (If no entry is required for a ransaction/event, select "No Journal Entry Required" in the first account field.) Transaction General Journal Debit Credit No Fund Balance with Treasury 16, 100,000 16,100,000 Unexpended Appropriations 2 Accounts Payable 127,000 Wages Payable Supplies Equipment Program Expenses 81,000 O 502,000 510,000 2,506,000 Fund Balance with Treasury 3,726,000 Program Expenses Wages Payable 3 26,000 O 26,000 Supplies Program Expenses 4 13,000 71,000 Accounts Payable 84,000 Program Expenses Supplies 5. 388,000 O 6. Program Expenses 62,000 Accumulated Depreciation 62,000

Complete this question by entering your answers in the tabs below. Required A Required B Required C "repare journal entries in the proprietary accounts for the events described above. (If no entry is required for a ransaction/event, select "No Journal Entry Required" in the first account field.) Transaction General Journal Debit Credit No Fund Balance with Treasury 16, 100,000 16,100,000 Unexpended Appropriations 2 Accounts Payable 127,000 Wages Payable Supplies Equipment Program Expenses 81,000 O 502,000 510,000 2,506,000 Fund Balance with Treasury 3,726,000 Program Expenses Wages Payable 3 26,000 O 26,000 Supplies Program Expenses 4 13,000 71,000 Accounts Payable 84,000 Program Expenses Supplies 5. 388,000 O 6. Program Expenses 62,000 Accumulated Depreciation 62,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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