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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Your Question:
Assume the Scenic Rivers Commission (a federal agency) began the fiscal year with the following account balances:
| SCENIC RIVERS COMMISSION | ||
| October 1, 2023 | ||
| Debits | Credits | |
|---|---|---|
| Fund Balance with Treasury | $164,000 | |
| Supplies | 107,000 | |
| Equipment | 1,363,000 | |
| $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.
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