Assume a federal agency has the following events:
1.Receives a warrant from the Treasury notifying the agency of appropriations of $16,000,000.2.OMB apportions 1/4^th of the appropriation for the first quarter of the year.3.The Director of the agency allots $ 3,960,000 to program units.4.Program units place orders $ 3,712,000.5.Supplies ($ 500,000)and services ($ 2,975,000)are received and paid during the first quarter.Supplies of $ 417,000 were used in the quarter.
Required:
Prepare any necessary journal entries to reflect the events described above.Identify whether the entry is budgetary or proprietary.

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The Answer of Assume a federal agency has the following events: 1.Receives a warrant from the Treasury notifying the agency of appropriations of $16,000,000.2.OMB apportions 1/4^th of the appropriation for the first quarter of the year.3.The Director of the agency allots $ 3,960,000 to program units.4.Program units place orders $ 3,712,000.5.Supplies ($ 500,000)and services ($ 2,975,000)are received and paid during the first quarter.Supplies of $ 417,000 were used in the quarter. Required: Prepare any necessary journal entries to reflect the events described above.Identify whether the entry is budgetary or proprietary.

Assume a Federal Agency Has the Following Events