The Federal Monuments Commission Began Operations on October 1, 2020

question 53

Essay

The Federal Monuments Commission began operations on October 1, 2020. Prepare journal form all entries that should be made in budgetary and proprietary accounts of the agency. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
1. The Congress passed, and the President signed, a one-year appropriation for fiscal year 2021 for the Monuments Commission in the amount of $30,000,000.
2. The OMB notified the agency of the following apportionments of the 2021 appropriation: first quarter, $8,000,000; second quarter, $8,000,000; third quarter, $7,000,000; and fourth quarter, $7,000,000.
3. The Commission Director allotted $1,500,000 for the operations of October 2020.
4. Commitments for goods and services not yet ordered or received were recorded in the amount of $1,300,000.
5. Purchase orders and contracts for services were recorded for the month of October 2020 in the amount of $1,250,000.

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