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Prepare journal entries to record transactions for helpers

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Reference no: EM132966295

The following are selected transactions from Helpers Cooperative which uses the restricted fund Pledges amounting to $400,000 were received for operations, of which $80,000 applies to the operations of the following year. It is estimated that 2% of the pledges will be uncollectible.

  • The association purchased office equipment at a cost of $6,000.
  • Pledges of $300,000 were collected, while pledges amounting to $4,000 were written off as uncollectible.
  • A local newspaper agreed to donate to Helpers a full-page in the newspaper for advertising. This had an estimated value of $5,000. Helpers had planned to advertise the fundraising event it had scheduled for later in the month.
  • Interest and dividends received amounted to $15,000 on endowment fund investments. These earnings are considered unrestricted.
  • Depreciation for the year amounted to $40,000.

Required:

Problem 1: Prepare journal entries to record the above transactions. Also, indicate which fund will be used for each entry.

Reference no: EM132966295

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