Prepare the journal entries, Financial Accounting

Assignment Help:

Prepare the journal entries required to record the following transactions of a nongovernment, not-for-profit organization.

 

1. Unrestricted cash contributions received during the year, $300,000.

2. Restricted cash contributions were received during the year for the following:

     Education programs, $43,000

     Building fund, $202,000

     Endowment, $1,000,000

3.      Pledges receivable at year end, all from pledges received during the year, were as follows:

     Unrestricted, $3,000,000

     Building fund, $5,000,000

     Endowment, $20,000,000     

     10% of pledges receivable typically prove uncollectible.

4. A benefit concert was held to raise resources for the building fund. Receipts totaled $1,400,000 and direct costs incurred totaled $850,000.

5.  Salary expenses incurred for the education programs were paid, $14,000.

6.  Materials purchased and used for the education programs total $25,000.

7.  Fees paid to an architect for design of the building during the year were $92,000.

8.  Payments to the building contractor during the year were $110,000.

9.  Earnings on endowment fund investments are restricted to the entity's education programs. The earnings for the year were $13,000

10. Earnings on building fund investments were not restricted by donors but the board requires that they be used to finance the building. The earning on those investment for the year were $25,000


Related Discussions:- Prepare the journal entries

Draw budget constraint - budget line, You will gain welfare from consuming ...

You will gain welfare from consuming bread and chocolate. Your welfare is described numerically by W = 4B + 2C, where B denotes the quantity of bread you choose to consume, and C d

Prepare statement of income and comprehensive income, The following income ...

The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2013 ($ in 000s): sales revenue, $

What amount should emig report in its 2011 income statement, On its Decembe...

On its December 31, 2010 balance sheet, Emig Corp. reported bonds payable of $6,000,000 and related unamortized bond issue costs of $320,000. The bonds had been issued at par. On J

Bond''s yield to maturity, A 15-year, 14% semiannual coupon bond with a par...

A 15-year, 14% semiannual coupon bond with a par value of $1,000 may be known as in 4 years at a call price of $1,075. The bond sells for $1,050. (Suppose that the bond has just be

Design a organisational strategy, Q. Design a organisational strategy? ...

Q. Design a organisational strategy? The objectives to which organisational approach relates depend on the relative power of different stakeholders associated with the company

#Fair Value is like throwing gasoline on a fire, Ask question #what are the...

Ask question #what are the additional budens to the investor reuling from the mixed attribute model?

Recieving order., 1.The debtor retains ownership, but loses possession and ...

1.The debtor retains ownership, but loses possession and control of his property

Income statement, given the following information: cash-171,100 accounts re...

given the following information: cash-171,100 accounts receivable-9400 prepaid studio rent-3000 unexpired insurance-7200 supplies-500,equipment-18,000 accumulated depreciation-7200

Writing assignment, you are aceo of acme ,inc located in united states .you...

you are aceo of acme ,inc located in united states .you use the discounted pay back period method and accept all projects that pay back in hree years.a project that will cost 5,500

Prepare a journal entry to record the total factory payroll, Time tickets f...

Time tickets for factory employees during the month of August are summarized as follows. Prepare a journal entry to record the total factory payroll, the indirect payroll and the d

Write Your Message!

Captcha
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