User Account

All Pages

Prepare the journal entries for each transaction

Assignment Help Financial Accounting
Reference no: EM132986175

Question - The following are the transactions of PAREX University:

a. Ms. Pearl Black granted P300,000 to be used for defraying the cost of holding conference for Accounting updates.

b. By year-end, the grant mentioned above had been applied to its purpose costing the university an amount of P200,000.

c. The grant provided that the amounts not awarded by year end are to be transferred to the endowment fund. The liability to the fund is recorded.

d. An alumnus, Ms. Co, who was a former president of the student council of the university, contributed P50,000 to assist in search for basketball coach.

Required -

1. Prepare the journal entries for each transaction.

2. How much is the total revenue from temporary restricted contribution?

Reference no: EM132986175

Questions Cloud

Determine premium or discount and the purchase price : A $10000, 6% bond with semi-annual interest coupons redeemable at par in 11 years. Determine premium or discount and the purchase price
Prepare the journal entry to record the purchase : Prepare journal entry to record the purchase assuming that the company paid 55% of the amounts using cash and signed a note (due in five years) for remainder
What is the value of current liabilities : Mylex has current assets of $95, net fixed assets of $250, long-term debt of $45, and owners' equity of $200, what is the value of current liabilities
How much is your optimal hedge ratio : You want to hedge your rice crop of 8,000 bushels in September by corn futures. How much is your optimal hedge ratio
Prepare the journal entries for each transaction : Ms. Pearl Black granted P300,000 to be used for defraying the cost of holding conference for Accounting updates. Prepare journal entries for each transaction
What would the equity value of her investments : Solin owns 900 shares of this company before the stock split. What would the equity value of her investments be after the stock split
What is the current price of bond m and bond n : The required return on both these bonds is 12 percent compounded semiannually. What is the current price of Bond M and Bond N
Which assertion related to accounts receivable : Which assertion(s) related to accounts receivable is the risk of material misstatement likely to be greatest? Give appropriate reasons for selected assertion
How much dividend will be paid to preferred? stockholders : On October? 15, 2025, the company declares a total dividend payment of $58,000. How much dividend will be paid to the preferred? stockholders

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd