Reference no: EM133102013
Question - VAN Corp., an NFPO, received $150,000 cash from a donor on December 20, 20X5, for the purpose of purchasing office furniture. VAN has a December 31 year end. Office equipment was purchased on January 2, 20X6, for $140,000 cash. The excess contribution is restricted to future office equipment needs. The furniture is expected to last 10 years and has a residual value of $0 at that time. VAN uses the straight-line method to amortize its assets.
Assuming that VAN uses the restricted fund method to record contributions and reports a capital asset fund, which of the following journal entries is correct for recording the December 20, 20X5, transaction?
a) DR Cash 150,000, CR Contribution revenue (capital asset fund) 150,000
b) DR Cash 150,000, CR Deferred contributions (capital asset fund) 150,000
c) DR Cash 150,000, CR Office furniture (capital asset fund) 150,000
d) DR Cash 140,000, CR Office furniture (capital asset fund) 140,000
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