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Prepare the general journal entries record the transactions

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Question - Prepare the general journal entries record the following transactions and events of the Way to Lend a Hand Institute, a non-governmental VHWO:

1. Pledges: $ 700,000 for aid to the handicapped 900,000 for building additions 100,000 for general operations in future years $1,700,000.

2. A building addition was completed at a cost of $3,000,000. The $900,000 received in item 1 was paid the contractor, and the balance is owed on a 10-year, 12% note payable.

3. Expenditures, all paid, were made as follows: General Operations $ 500,000 Aid to the Handicapped $ 300,000.

4. Equipment costing $400,000 was purchased from unrestricted resources.

5. A fund-raising bazaar and banquet were held to assist in the payment of special events. All $300,000 of gross receipts were unrestricted.

Reference no: EM132470010

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