Reference no: EM13871158

Instructions:
In each of the following scenarios, an organization receives a contribution in-kind. Prepare journal entries, as necessary, to give them accounting recognition. For each, tell why you made an entry or why you did not.

A local not-for-profit art museum receives advertising for its yearly benefit from radio station WLOU. The airtime would have cost the museum $1,000.

Volunteers for ‘‘Breakfast on Bikes,'' a voluntary health and welfare organization, deliver hot meals to the elderly three times a week. Each of the ten volunteers works about six hours per week. All of the volunteers have permanent jobs with pay averaging $36.10 an hour.

Lynn Simms, a local CPA, maintains the books and records of her church. Although her normal billing rate is $120 per hour, she accepts no payment from the church. She works on church matters approximately four hours a week.

A construction company allows a not-for-profit community association to use its bulldozer at no cost to clear land for a new baseball park.

If the association had to rent the bulldozer it would have incurred costs of $2,400.

Paper Requirements:

Submit your responses to the following questions in a 1-2 page document in MS Word. Label each question clearly. Please include

computations in a table.

Responses are grammatically correct and free from spelling errors.

Follow the APA formatting and include 2 to 3 references