Prepare the general journal entries required to record each of the following transactions. The Interstate Fur Trading Commission received a warrant from the Treasury for a $2,000,000 appropriation from Congress for the fiscal year beginning October 1, 20X7. The OMB apportioned to the commission $500,000 of its appropriation. The commission head allotted $400,000 to specific purposes. Salaries incurred and paid for the quarter totaled $120,000. Purchase orders for equipment estimated to cost $50,000 were requested. Equipment estimated to cost $33,000 was ordered. The equipment was received along with an invoice for its cost, $32,890.
Prepare the general journal entries required to record each of the following transactions. The Interstate Fur Trading Commission received a warrant from the Treasury for a $2,000,000 appropriation from Congress for the fiscal year beginning October 1, 20X7. The OMB apportioned to the commission $500,000 of its appropriation. The commission head allotted $400,000 to specific purposes. Salaries incurred and paid for the quarter totaled $120,000. Purchase orders for equipment estimated to cost $50,000 were requested. Equipment estimated to cost $33,000 was ordered. The equipment was received along with an invoice for its cost, $32,890.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare the general
- The Interstate Fur Trading Commission received a warrant from the Treasury for a $2,000,000 appropriation from Congress for the fiscal year beginning October 1, 20X7.
- The OMB apportioned to the commission $500,000 of its appropriation.
- The commission head allotted $400,000 to specific purposes.
- Salaries incurred and paid for the quarter totaled $120,000.
- Purchase orders for equipment estimated to cost $50,000 were requested.
- Equipment estimated to cost $33,000 was ordered.
- The equipment was received along with an invoice for its cost, $32,890.
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