Assume a federal agency has the following events:
Receives a warrant from the Treasury notifying the agency of appropriations of $6,000,000.
OMB apportions 1/4th of the appropriation for the first quarter of the year.
The Director of the agency allots $1,400,000 to program units.
Program units place orders $950,000.
Supplies ($500,000)and services ($420,000)are received and paid during the first quarter.Supplies of $380,000 were used in the quarter.
Required:
Prepare any necessary journal entries to reflect the events described above.Identify whether the entry is a budgetary or proprietary type.

Question

Assume a federal agency has the following events:
Receives a warrant from the Treasury notifying the agency of appropriations of $6,000,000.
OMB apportions 1/4th of the appropriation for the first quarter of the year.
The Director of the agency allots $1,400,000 to program units.
Program units place orders $950,000.
Supplies ($500,000)and services ($420,000)are received and paid during the first quarter.Supplies of $380,000 were used in the quarter.
Required:
 Prepare any necessary journal entries to reflect the events described above.Identify whether the entry is a budgetary or proprietary type.

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The Answer of Assume a federal agency has the following events:
Receives a warrant from the Treasury notifying the agency of appropriations of $6,000,000.
OMB apportions 1/4th of the appropriation for the first quarter of the year.
The Director of the agency allots $1,400,000 to program units.
Program units place orders $950,000.
Supplies ($500,000)and services ($420,000)are received and paid during the first quarter.Supplies of $380,000 were used in the quarter.
Required:
 Prepare any necessary journal entries to reflect the events described above.Identify whether the entry is a budgetary or proprietary type.

Assume a Federal Agency Has the Following Events