E12-29. (Accounting for salaries) A federal agency receives a separate allotment to finance the salary costs of its program. The allot- ment is sufficient to cover salaries earned in the last month of the fiscal year but paid early in the next fiscal year. The account Allotments-realized resources has a credit balance of $300,000. The agency maintains budgetary control by means of a vacancy control system. Make journal entries to record the following transactions and events: 1. A disbursement schedule is sent to Treasury requesting salary checks-$275,000. 2. Treasury notifies the agency that payment was made. 3. The agency accrues salaries of $18,000 at the end of the fiscal year. 4. The agency accrues $20,000 for unused vacation leave. Budgetary resources for vacation leave are provided when leave is actually taken.
E12-29. (Accounting for salaries) A federal agency receives a separate allotment to finance the salary costs of its program. The allot- ment is sufficient to cover salaries earned in the last month of the fiscal year but paid early in the next fiscal year. The account Allotments-realized resources has a credit balance of $300,000. The agency maintains budgetary control by means of a vacancy control system. Make journal entries to record the following transactions and events: 1. A disbursement schedule is sent to Treasury requesting salary checks-$275,000. 2. Treasury notifies the agency that payment was made. 3. The agency accrues salaries of $18,000 at the end of the fiscal year. 4. The agency accrues $20,000 for unused vacation leave. Budgetary resources for vacation leave are provided when leave is actually taken.
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter7: Allocating Costs Of Support Departments And Joint Products
Section: Chapter Questions
Problem 30E: A company uses charging rates to allocate service department costs to the using departments. The...
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![E12-29. (Accounting for salaries)
A federal agency receives a separate allotment to finance the salary costs of its program. The allot-
ment is sufficient to cover salaries earned in the last month of the fiscal year but paid early in the next
fiscal year. The account Allotments-realized resources has a credit balance of $300,000. The agency
maintains budgetary control by means of a vacancy control system. Make journal entries to record the
following transactions and events:
1. A disbursement schedule is sent to Treasury requesting salary checks-$275,000.
2. Treasury notifies the agency that payment was made.
3. The agency accrues salaries of $18,000 at the end of the fiscal year.
4. The agency accrues $20,000 for unused vacation leave. Budgetary resources for vacation leave are
provided when leave is actually taken.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3d372cd8-4436-4d0a-b4d5-e9a0902c939f%2Fc5956525-7745-4b10-8e88-23a2dad44620%2Fb7f7lvc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:E12-29. (Accounting for salaries)
A federal agency receives a separate allotment to finance the salary costs of its program. The allot-
ment is sufficient to cover salaries earned in the last month of the fiscal year but paid early in the next
fiscal year. The account Allotments-realized resources has a credit balance of $300,000. The agency
maintains budgetary control by means of a vacancy control system. Make journal entries to record the
following transactions and events:
1. A disbursement schedule is sent to Treasury requesting salary checks-$275,000.
2. Treasury notifies the agency that payment was made.
3. The agency accrues salaries of $18,000 at the end of the fiscal year.
4. The agency accrues $20,000 for unused vacation leave. Budgetary resources for vacation leave are
provided when leave is actually taken.
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