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Question - Prepare journal entries based upon the following transactions for Scholarships for Hoosiers Not for profit organization. Upon completion show how to prepare a trial balance
a. The Scholarship for Hoosiers organization hosted its annual fundraiser and received $500k in contributions. Historically, they've collected 85% of what is promised
b. The Scholarship for Hoosiers organization received investments valued at $200k
c. An anonymous donor gave cash gifts of $300k indicating that the gift should be used for recipients from Tippecanoe county.
d. Scholarships for Hoosiers paid their employee salaries for the month in the amount of $18,000
e. A local CPA volunteered his time to audit the financial statements for the NFP. It took him 20 hours and his normal hourly fee is $ 100/hour.
f. Scholarships for Hoosiers awarded scholarships of $10,000 to Tippecanoe county residents and scholoarships of $60,000 to residents from other counties in Indiana.
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Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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