18 Jan Prepare necessary journal entries to record the si
Prepare necessary journal entries to record the six transactions in Exercise in the proprietary accounts of ABC Agency. In Exercise, 1. Congress enacted appropriations that included $500,000 for the ABC Agency for the year 20X9. ABC Agency received an appropriation warrant in that amount from the Treasury.2. The OMB apportioned $240,000 of the congressional appropriation.3. The agency head made administrative allotments for salaries of $120,000 and for supplies of $80,000.4. Purchase requests for supplies of $62,000 were made within the agency.5. Purchase orders were placed for supplies estimated to cost $62,000.6. The supplies that had been estimated to cost $62,000 were received. The invoice for the supplies was for only $60,800.View Solution: Prepare necessary journal entries to record the six transactions in
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