Your Question: Assume the Scenic Rivers Commission (a federal agency) began the fiscal year with the following account balances: SCENIC RIVERS COMMISSION Trial Balance October 1, 2023 Debits Credits Fund Balance with Treasury $164,000 Supplies 107,000 Equipment 1,363,000 Accumulated Depreciation $483,000 Accounts Payable 129,000 Wages Payable 84,000 Cumulative Results of Operations 938,000 $1,634,000 $1,634,000 Congress passed a spending bill providing $15,600,000 to fund the agency’s operations for the year. During the first quarter, the commission processed (accounts payable) the following items for payment. Supplies 258,000 Equipment 510,000 Contracted services 1,710,000 Total $2,478,000 The commission processed wages and benefits through wages payable in the amount of $707,000. Unexpended appropriations were reclassified to expended appropriations for the items above. Accounts payable of $2,530,000 and wages payable of $717,000 were paid by Treasury. Unused supplies on hand totaled $200,000 at December 31. Depreciation for the quarter is $80,800. Required: Prepare journal entries in the proprietary accounts for the events described above.

Your Question: Assume the Scenic Rivers Commission (a federal agency) began the fiscal year with the following account balances: SCENIC RIVERS COMMISSION Trial Balance October 1, 2023 Debits Credits Fund Balance with Treasury $164,000 Supplies 107,000 Equipment 1,363,000 Accumulated Depreciation $483,000 Accounts Payable 129,000 Wages Payable 84,000 Cumulative Results of Operations 938,000 $1,634,000 $1,634,000 Congress passed a spending bill providing $15,600,000 to fund the agency’s operations for the year. During the first quarter, the commission processed (accounts payable) the following items for payment. Supplies 258,000 Equipment 510,000 Contracted services 1,710,000 Total $2,478,000 The commission processed wages and benefits through wages payable in the amount of $707,000. Unexpended appropriations were reclassified to expended appropriations for the items above. Accounts payable of $2,530,000 and wages payable of $717,000 were paid by Treasury. Unused supplies on hand totaled $200,000 at December 31. Depreciation for the quarter is $80,800. Required: Prepare journal entries in the proprietary accounts for the events described above.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 14M

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SCENIC RIVERS COMMISSION
Trial Balance
October 1, 2023
	Debits	Credits
Fund Balance with Treasury	$164,000
Supplies	107,000
Equipment	1,363,000
Accumulated Depreciation		$483,000
Accounts Payable		129,000
Wages Payable		84,000
Cumulative Results of Operations		938,000
	$1,634,000	$1,634,000

Supplies	258,000
Equipment	510,000
Contracted services	1,710,000
Total	$2,478,000

Required:

Prepare journal entries in the proprietary accounts for the events described above.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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