Assume the Federal Interstate Commission began the fiscal year with the following account balances: FEDERAL INTERSTATE COlIIIISSION Trial Balance October 1, 2020 Debits Credits Fund Balance with Treasury $ 740,000 Supplies 110,000 Equipment 1,365,000 Accumulated Depreciation $ 485,000 Accounts Payable 131,000 Wages Payable 89,000 Cumulative Results of Operations 1,510,000 $2,215,000 $2,215,000 Congress passed a spending bill providing $16,500,000 to fund the agency's operations for the year. During the first quarter the commission processed the following items for payment (all items were paid by Treasury in the first quarter).Accounts payable $ 131,000 Wages payable 89,000 Salaries and benefits 500,000 Supplies 510,000 Contracted services 1,500,000 Grants 950,000 Equipment 550,000 Total $4,230,000 Unpaid wages at the end of the quarter totaled $30,000. In addition to the items paid in item 2, the commission received supplies of $17,000 and contracted services of $75,000 that are to be

Journal Entries: Transactions Account Titles and Explanation Debit Credit 1) Fund Balance with Treasury $16,500,000 Unexpected Appropriations $16,500,000 (To record the funding appropriations for the year) 2) Accounts Payable $131,000 Wages Payable $89,000 Supplies $510,000 Eqipment $550,000 Program Expenses $2,950,000 Fund Balance with Treasury $4,230,000 (To record payment made by treasury from the fund balance) 3) Program Expenses $30,000 Wages Payable $30,000 (To record unpaid wages at year end) 4) Supplies $17,000 Program Expenses $75,000 Accounts Payable $92,000 (To record expenses to be paid in quarter) 5) Program Expenses ($110,000+$510,000+$17,000-$224,000) 413000 Supplies 413000 (To record supplies used during the quarter) 6) Program Expenses $70,000 Accumulated Depreciation $70,000 (To record depreciation for the quarter)

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Assume the Federal Interstate Commission began the fiscal year with the following account balances: FEDERAL INTERSTATE COlIIIISSION Trial Balance October 1, 2020 Debits Credits Fund Balance with Treasury $ 740,000 Supplies 110,000 Equipment 1,365,000 Accumulated Depreciation $ 485,000 Accounts Payable 131,000 Wages Payable 89,000 Cumulative Results of Operations 1,510,000 $2,215,000 $2,215,000 Congress passed a spending bill providing $16,500,000 to fund the agency's operations for the year

Accounting May 02, 2021

Assume the Federal Interstate Commission began the fiscal year with the following account balances:

FEDERAL INTERSTATE COlIIIISSION Trial Balance October 1, 2020
Debits Credits Fund Balance with Treasury $ 740,000 Supplies 110,000 Equipment 1,365,000 Accumulated Depreciation $ 485,000 Accounts Payable 131,000 Wages Payable 89,000 Cumulative Results of Operations 1,510,000 $2,215,000 $2,215,000

Congress passed a spending bill providing $16,500,000 to fund the agency's operations for the year.
During the first quarter the commission processed the following items for payment (all items were paid by Treasury in the first quarter).Accounts payable $ 131,000 Wages payable 89,000 Salaries and benefits 500,000 Supplies 510,000 Contracted services 1,500,000 Grants 950,000 Equipment 550,000 Total $4,230,000

Unpaid wages at the end of the quarter totaled $30,000.
In addition to the items paid in item 2, the commission received supplies of $17,000 and contracted services of $75,000 that are to be processed for payment in January.
Unused supplies on hand totaled $224,000 at December 31.
Depreciation for the quarter is $70,000.

I need to learn how to do the journal entries for the following:

Congress passed a spending bill providing $16,500,000 to fund the agency's operations for the year.
Record the items processed for payment during the first quarter.
Unpaid wages at the end of the quarter totaled $30,000.
The commission received supplies of $17,000 and contracted services of $75,000 that are to be processed for payment in January.
Record the supplies expense for the first quarter. Unused supplies on hand totaled $224,000 at December 31.
Depreciation for the quarter is $70,000.

Expert Solution

Journal Entries:
Transactions	Account Titles and Explanation	Debit	Credit
1)	Fund Balance with Treasury	$16,500,000
	Unexpected Appropriations		$16,500,000
	(To record the funding appropriations for the year)

2)	Accounts Payable	$131,000
	Wages Payable	$89,000
	Supplies	$510,000
	Eqipment	$550,000
	Program Expenses	$2,950,000
	Fund Balance with Treasury		$4,230,000
	(To record payment made by treasury from the fund balance)

3)	Program Expenses	$30,000
	Wages Payable		$30,000
	(To record unpaid wages at year end)

4)	Supplies	$17,000
	Program Expenses	$75,000
	Accounts Payable		$92,000
	(To record expenses to be paid in quarter)

5)	Program Expenses ($110,000+$510,000+$17,000-$224,000)	413000
	Supplies		413000
	(To record supplies used during the quarter)

6)	Program Expenses	$70,000
	Accumulated Depreciation		$70,000
	(To record depreciation for the quarter)

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