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

Explain briefly two methods of calculating depreciation, QUESTION 1: Th...

QUESTION 1: The Alpha Company Ltd was registered with Nominal Capital of 60,000 Equity shares of Rs.10 each. The following were the ledger balances on 31st March 2011.

Appointment of liquidator, Appointment of Liquidator The liquidator is ap...

Appointment of Liquidator The liquidator is appointed by the court after the above meetings have been held: if the meetings do not agree, the court must settle the issue: if no a

Masons gain formula, Refer to Figure, using the Mason's gain formula, deter...

Refer to Figure, using the Mason's gain formula, determine the transfer function of the system.

Assets-balance sheet-trusts laws and accounts, Assets   1) The classificat...

Assets   1) The classification of investments in the Balance Sheet will be under a few broad headings with schedules listing the individual assets. Where the Trustees Act has been

Artificial intelligence and neural networks, examine the resemblance betwee...

examine the resemblance between Artificial intelligence and neural networks

Business, #Which of the two ratios are the greatest? 1.67.1 or 0.29.1

#Which of the two ratios are the greatest? 1.67.1 or 0.29.1

Content of accounts-trusts accounts, Content of accounts Periodical acc...

Content of accounts Periodical accounts should normally consist of:         1.    Balance sheet of the whole trust;         2.    Capital account;         3.    Income account

Calculate weighted average shares, Long-term Debt   ...

Long-term Debt   10% notes payable $1,000,000 7% convertible bonds payable 5,000,000    Discount

Explain why the operating cycle, The Operating Cycle Two Wheeler Cycle Shop...

The Operating Cycle Two Wheeler Cycle Shop buys all of its bikes from one manufacturer, Baxter Bikes. On average, bikes are on hand for 45 days before Two Wheeler sells them. The c

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