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

  Calculate the amount that would be reported in box of the rl

Calculate the amount that would be reported in Box I of the RL-1? Vacation pay $2,800.00, taxable car allowance $630.00, non-cash taxable benefit.

  Compare and contrast the accounting policies

What will be impact on the balance sheet and net earnings based on these differences? Compare and contrast theaccounting policies

  How much must the additions be if the investment account

How much must those additions be if the investment account pays 8% compounded quarterly? The Stein family wants to buy a small vacation house

  Considering the purchase of new software management system

Frisco Enterprises is considering the purchase of a new software management system. The system is called FK1. The FK1 will drastically reduce the amount of time the Frisco Enterprises employees installing new software. What are the free cash flows fo..

  Compute the net present value

The relevant inflow associated with the project are 60,000 in year one and 50,000 in years two and three. Compute the net present value

  What investment in bond account and bond payable account are

When a wholly-owned subsidiary purchases all of the bonds issued by the parent, the investment in bonds account and bond payable account are

  How to calculate the total cost for next february

Calculate the total cost for next February when 1,450 tons are expected to be extracted. Antioch uses the high-low method to analyze costs.

  Record the transaction of liabilities and equity accounts

Remember debits increase Assets and Expense, where as credits increase Liabilities and Equity accounts. Need help in to putting this into journal entires.

  Determine total interest expense recorded

On January 1, 2019, a corporation issued P5,000,000 of 10% convertible bonds at par. Determine total interest expense recorded

  How should customer and vendor opening balances be corrected

How should customer and vendor opening balances be corrected if they were entered with an error? Why is it sometimes better to enter customer opening

  Obtain the value of h from the annual percentage rate

Obtain the value of h from the annual percentage rate table. Then use the actuarial method to find the amount of unearned? interest

  What adjusting journal entry will dell make on december

If revenue earned on the extended warranty as an adjusting entry at the end of the year, what adjusting journal entry will Dell make on December 31, 2020

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!

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