The Star Exploration Agency, a unit of the Space Department, was established by Congress to begin operations at the beginning of fiscal year 2014. Following are the agencyAc€?cs transactions during October, its first month of operations:
October 1 Congress passed and the president approved a $1,000,000 appropriation for this agency. October 1 Of the amount appropriated, $950,000 was apportioned by the OMB. October 1 The Space Department allotted the agency $100,000 to carry out its October operations. October 1 Purchase requests were made for materials and supplies, estimated to cost $88,000. October 4 Purchase orders were placed for materials and supplies, estimated to cost $85,000. The other requests (for $3,000) were cancelled. October 10 Materials and supplies previously ordered were received, together with invoices for $80,000. All items received were placed in inventory. The remaining items (for $5,000) will be received at a later date. October 14 A disbursement schedule was sent to the Treasury, requesting that it pay invoices amounting to $80,000. October 24 The Treasury informed the agency that it had paid invoices amounting to $76,000. October 31 An inventory count showed that $15,000 of materials and supplies was on hand. The rest was used in operations.
Use the preceding information to do the following:
a. Prepare journal entries to record the events of October., b. Prepare a pre-closing trial balance. c. Prepare the following month-end statements: balance sheet, statement of net costs, statement of changes in net position, and statement of budgetary resources.
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