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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
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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Requirement A
Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries in the proprietary accounts for the events described above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Debit Credit No Transaction General Journal Fund Balance with Treasury Unexpended Appropriations 16, 100,000 1. 16,100,000 2 Accounts Payable 127,000 O 2. Wages Payable Supplies Equipment Program Expenses 81,000 O 502,000 O 510,000 O 2,506,000 Fund Balance with Treasury 3,726,000 3 Program Expenses 26,000 Wages Payable 26,000 4 4 Supplies 13,000 Program Expenses 71,000 Accounts Payable 84,000 Program Expenses Supplies 5. 388,000 O Program Expenses 62,000 Accumulated Depreciation 62,000
Transcribed Image Text:Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries in the proprietary accounts for the events described above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Debit Credit No Transaction General Journal Fund Balance with Treasury Unexpended Appropriations 16, 100,000 1. 16,100,000 2 Accounts Payable 127,000 O 2. Wages Payable Supplies Equipment Program Expenses 81,000 O 502,000 O 510,000 O 2,506,000 Fund Balance with Treasury 3,726,000 3 Program Expenses 26,000 Wages Payable 26,000 4 4 Supplies 13,000 Program Expenses 71,000 Accounts Payable 84,000 Program Expenses Supplies 5. 388,000 O Program Expenses 62,000 Accumulated Depreciation 62,000
ssume the Federal Interstate Commission began the fiscal year with the following account balances: FEDERAL INTERSTATE COMMISSION Trial Balance October 1, 2020 Debits Credits Pund Balance with Treasury Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Cumulative Results of Operations $ 732,000 106,000 1,353,000 $ 481,000 127,000 81,000 1,502,000 $2,191,000 $2,191,000 Congress 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 first quarter). Accounts payable Wages payable Salarien and benefits Supplies Contracted services $ 127,000 81,000 496,000 502,000 1,100,000 910,000 510,000 $3,726,000 Grants Equipment Total B. 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 to be 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 is 3,914,000.) E. Prepare a Balance Sheet as of December 31. Answer is not complete.
Transcribed Image Text:ssume the Federal Interstate Commission began the fiscal year with the following account balances: FEDERAL INTERSTATE COMMISSION Trial Balance October 1, 2020 Debits Credits Pund Balance with Treasury Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Cumulative Results of Operations $ 732,000 106,000 1,353,000 $ 481,000 127,000 81,000 1,502,000 $2,191,000 $2,191,000 Congress 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 first quarter). Accounts payable Wages payable Salarien and benefits Supplies Contracted services $ 127,000 81,000 496,000 502,000 1,100,000 910,000 510,000 $3,726,000 Grants Equipment Total B. 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 to be 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 is 3,914,000.) E. Prepare a Balance Sheet as of December 31. Answer is not complete.
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