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Make the necessary journal entries to record transactions

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Reference no: EM132964236

Buana Fide is a local charity which received the following donations during 2020:

  • A local radio station donated air time valued at $20,000. If the air time had not been donated, Buana Fide would have purchased it and used it for advertising a fundraising event and silent auction.
  • An anonymous donor donated land with a fair value of $50,000 as well as machinery valued at $4,000.
  • During a recent fund-raising campaign, volunteers spent roughly 1,000 hours soliciting donations from the public. The minimum hourly wage rate in Buana Fide's main area of operation is $8.00 per hour.

Problem 1: Prepare the necessary journal entries to record these transactions assuming that the restricted fund method of accounting for contributions is used and the organization has a general fund, a capital fund and an endowment fund. Note: if a journal entry is not needed, state your reason.

Reference no: EM132964236

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