E12-29. (Accounting for salaries) A federal agency receives a separate allotment to finance the salary costs of its program. The allot- ment is sufficient to cover salaries earned in the last month of the fiscal year but paid early in the next fiscal year. The account Allotments-realized resources has a credit balance of $300,000. The agency maintains budgetary control by means of a vacancy control system. Make journal entries to record the following transactions and events: 1. A disbursement schedule is sent to Treasury requesting salary checks-$275,000. 2. Treasury notifies the agency that payment was made. 3. The agency accrues salaries of $18,000 at the end of the fiscal year. 4. The agency accrues $20,000 for unused vacation leave. Budgetary resources for vacation leave are provided when leave is actually taken.
E12-29. (Accounting for salaries) A federal agency receives a separate allotment to finance the salary costs of its program. The allot- ment is sufficient to cover salaries earned in the last month of the fiscal year but paid early in the next fiscal year. The account Allotments-realized resources has a credit balance of $300,000. The agency maintains budgetary control by means of a vacancy control system. Make journal entries to record the following transactions and events: 1. A disbursement schedule is sent to Treasury requesting salary checks-$275,000. 2. Treasury notifies the agency that payment was made. 3. The agency accrues salaries of $18,000 at the end of the fiscal year. 4. The agency accrues $20,000 for unused vacation leave. Budgetary resources for vacation leave are provided when leave is actually taken.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please dont provide answer in image formaat thank you
Transcribed Image Text:E12-29. (Accounting for salaries)
A federal agency receives a separate allotment to finance the salary costs of its program. The allot-
ment is sufficient to cover salaries earned in the last month of the fiscal year but paid early in the next
fiscal year. The account Allotments-realized resources has a credit balance of $300,000. The agency
maintains budgetary control by means of a vacancy control system. Make journal entries to record the
following transactions and events:
1. A disbursement schedule is sent to Treasury requesting salary checks-$275,000.
2. Treasury notifies the agency that payment was made.
3. The agency accrues salaries of $18,000 at the end of the fiscal year.
4. The agency accrues $20,000 for unused vacation leave. Budgetary resources for vacation leave are
provided when leave is actually taken.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education