The Federal Monuments Commission Began Operations on October 1,2011

question 30

Essay

The Federal Monuments Commission began operations on October 1,2011.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 2012 for the Monuments Commission in the amount of $30,000,000.
B.The OMB notified the agency of the following apportionments of the 2012 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 2011.
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 2011 in the amount of $1,250,000.

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Definitions:

Effective Annual Rate

The interest rate on a loan or investment, adjusted for the effect of compounding over a one-year period.

Par

The face value of a bond or other financial instrument, which is the amount to be paid to the holder at maturity.

HPR

Holding Period Return, a measure of the total return received from holding an asset or portfolio of assets over a specified period of time.

Dividend

A portion of a company's earnings distributed to its shareholders, typically in the form of cash payments or additional shares.