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 what happens if a swap is used ineffectively, The key criterion for...

The key criterion for qualifying as a hedge is that the hedging relationship must be highly effective in achieving offsetting changes in fair values or cash flows based on the hedg

Estimate the systematic risk of the new investment, Q. Estimate the systema...

Q. Estimate the systematic risk of the new investment? The beta of the comparator company will be utilized to estimate the systematic risk of the new investment. No un-gearing

Balance sheet preparation with a missing element, Balance Sheet Preparation...

Balance Sheet Preparation with a Missing Element The following data are available for Schubert Products Inc. as of December 31, 2012. Cash . . . . . . . . . . . . . . . . . . . . .

Law, define law including contract and bankruptcy

define law including contract and bankruptcy

Income statement, Income statement2013 2012 2011 Net revenue 5,075,390.. 4,...

Income statement2013 2012 2011 Net revenue 5,075,390.. 4,763,180.. 4,158,507 Cost of goods 1,377,242.. 1,297,102.. 1,134,966.. Gross profit 3,698,148.. 3,466,078.. 3,023,541 Total

Calculate the weighted average cost, The following information is available...

The following information is available about the capital structure of Cheng & Davis Development (CDD). Capital Structure Current Target

Protected transactions, Protected transactions These fall into three ca...

Protected transactions These fall into three categories: (A) Under Section 50: Payments by the bankrupt to creditors; Payments or deliveries to the bankrupt; C

Assumption of the eoq model, The basic EOQ model is depends on the subseque...

The basic EOQ model is depends on the subsequent assumption: 1) The forecast usage or demand for a specified period, usually one year, is identified 2) The usage/demand is ev

Secured creditors-bankruptcy and liquidation, SECURED CREDITORS A secur...

SECURED CREDITORS A secured creditor may: Rely on his security and not prove at all. Surrender his security and prove for the full amount of the debt. Realise his s

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