The Federal Monuments Commission Began Operations on October 1,2014

question 27

Essay

The Federal Monuments Commission began operations on October 1,2014.Show in general journal form all entries that should be made in budgetary and proprietary accounts of the agency to record the following events:
A.The Congress passed,and the President signed,a one-year appropriation for fiscal year 2015 for the Monuments Commission in the amount of $30,000,000.
B.The OMB notified the agency of the following apportionments of the 2015 appropriation: first quarter,$8,000,000; second quarter,$8,000,000; third quarter,$7,000,000; and fourth quarter,$7,000,000.
C.The Commission Director allotted $1,500,000 for the operations of October 2014.
D.Commitments for goods and services not yet ordered or received were recorded in the amount of $1,300,000.
E.Purchase orders and contracts for services were recorded for the month of October 2014 in the amount of $1,250,000.

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Definitions:

Income-Expenditure Model

A relationship that shows how much people plan to spend at each income level; this model identifies, for a given price level, where the amount people plan to spend equals the amount produced in the economy.

Real GDP

Represents the total economic output of a country, adjusted for inflation, thereby providing a more accurate reflection of an economy's size and growth.

Aggregate Expenditure

The total amount of spending in an economy, including consumption, investment, government, and net export expenditures.

Real Disposable Income

The income of individuals or the nation after adjusting for inflation, representing the amount of money that households have available for spending and saving after income taxes have been accounted for.