Required A Required B Required C Prepare journal entries in the proprietary accounts for the events described above. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field. No Transaction General Journal A 1 Fund Balance with Treasury Unexpended Appropriations B 2 C 3 Supplies Equipment Program Expenses Accounts Payable Program Expenses Wages Payable Debit 15,600,000 Credit 15,600,000 258,000 510,000 1,710,000 2,478,000 707,000 707,000 D 4 Unexpended Appropriations 2,478,000 × Unexpended Appropriations 707,000 × Unexpended Appropriations 3,185,000 E 5 Accounts Payable Wages Payable Fund Balance with Treasury 2,530,000 717,000 3,247,000 F 6 Supplies 200,000 Program Expenses 200,000 G 7 Accumulated Depreciation 80,800 Accumulated Depreciation 80,800 Assume the Scenic Rivers Commission (a federal agency) began the fiscal year with the following account balances: SCENIC RIVERS COMMISSION Fund Balance with Treasury Trial Balance October 1, 2023 Debits Credits $164,000 107,000 1,363,000 $483,000 129,000 84,000 938,000 Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Cumulative Results of Operations $1,634,000 $1,634,000 1. Congress passed a spending bill providing $15,600,000 to fund the agency's operations for the year. 2. During the first quarter, the commission processed (accounts payable) the following items for payment. Supplies 258,000 510,000 Equipment Contracted services Total 1,710,000 $2,478,000 3. The commission processed wages and benefits through wages payable in the amount of $707,000. 4. Unexpended appropriations were reclassified to expended appropriations for the items above. 5. Accounts payable of $2,530,000 and wages payable of $717,000 were paid by Treasury. 6. Unused supplies on hand totaled $200,000 at December 31. 7. Depreciation for the quarter is $80,800.
Required A Required B Required C Prepare journal entries in the proprietary accounts for the events described above. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field. No Transaction General Journal A 1 Fund Balance with Treasury Unexpended Appropriations B 2 C 3 Supplies Equipment Program Expenses Accounts Payable Program Expenses Wages Payable Debit 15,600,000 Credit 15,600,000 258,000 510,000 1,710,000 2,478,000 707,000 707,000 D 4 Unexpended Appropriations 2,478,000 × Unexpended Appropriations 707,000 × Unexpended Appropriations 3,185,000 E 5 Accounts Payable Wages Payable Fund Balance with Treasury 2,530,000 717,000 3,247,000 F 6 Supplies 200,000 Program Expenses 200,000 G 7 Accumulated Depreciation 80,800 Accumulated Depreciation 80,800 Assume the Scenic Rivers Commission (a federal agency) began the fiscal year with the following account balances: SCENIC RIVERS COMMISSION Fund Balance with Treasury Trial Balance October 1, 2023 Debits Credits $164,000 107,000 1,363,000 $483,000 129,000 84,000 938,000 Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Cumulative Results of Operations $1,634,000 $1,634,000 1. Congress passed a spending bill providing $15,600,000 to fund the agency's operations for the year. 2. During the first quarter, the commission processed (accounts payable) the following items for payment. Supplies 258,000 510,000 Equipment Contracted services Total 1,710,000 $2,478,000 3. The commission processed wages and benefits through wages payable in the amount of $707,000. 4. Unexpended appropriations were reclassified to expended appropriations for the items above. 5. Accounts payable of $2,530,000 and wages payable of $717,000 were paid by Treasury. 6. Unused supplies on hand totaled $200,000 at December 31. 7. Depreciation for the quarter is $80,800.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
1-A
Transcribed Image Text:Required A
Required B
Required C
Prepare journal entries in the proprietary accounts for the events described above.
Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.
No
Transaction
General Journal
A
1
Fund Balance with Treasury
Unexpended Appropriations
B
2
C
3
Supplies
Equipment
Program Expenses
Accounts Payable
Program Expenses
Wages Payable
Debit
15,600,000
Credit
15,600,000
258,000
510,000
1,710,000
2,478,000
707,000
707,000
D
4
Unexpended Appropriations
2,478,000 ×
Unexpended Appropriations
707,000 ×
Unexpended Appropriations
3,185,000
E
5
Accounts Payable
Wages Payable
Fund Balance with Treasury
2,530,000
717,000
3,247,000
F
6
Supplies
200,000
Program Expenses
200,000
G
7
Accumulated Depreciation
80,800
Accumulated Depreciation
80,800
Transcribed Image Text:Assume the Scenic Rivers Commission (a federal agency) began the fiscal year with the following account balances:
SCENIC RIVERS COMMISSION
Fund Balance with Treasury
Trial Balance
October 1, 2023
Debits
Credits
$164,000
107,000
1,363,000
$483,000
129,000
84,000
938,000
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
Wages Payable
Cumulative Results of Operations
$1,634,000 $1,634,000
1. Congress passed a spending bill providing $15,600,000 to fund the agency's operations for the year.
2. During the first quarter, the commission processed (accounts payable) the following items for payment.
Supplies
258,000
510,000
Equipment
Contracted services
Total
1,710,000
$2,478,000
3. The commission processed wages and benefits through wages payable in the amount of $707,000.
4. Unexpended appropriations were reclassified to expended appropriations for the items above.
5. Accounts payable of $2,530,000 and wages payable of $717,000 were paid by Treasury.
6. Unused supplies on hand totaled $200,000 at December 31.
7. Depreciation for the quarter is $80,800.
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