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Journal entries for a private-purpose trust fund

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Question - Journal entries for a Private-Purpose Trust Fund

Record the following journal entries in the Children's Book Fund, a city's Private-Purpose Trust Fund that supplies books for children in nongovernmental nonprofit women's shelters.

1. A citizen donated $500,000 to a Private-Purpose Trust Fund. The trust specified that this money was to be used to acquire children's books for women's shelters.

2. The fund invested $420,000 in CDs.

3. Books costing $45,000 were acquired.

4. Interest income of $20,000 was received in cash from the CDs.

5. The accounts were closed for the year.

Reference no: EM132514125

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