Prepare the journal entries required to record transactions, Financial Accounting

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

Posted Date: 4/1/2013 6:31:06 AM | Location : United States







Related Discussions:- Prepare the journal entries required to record transactions, Assignment Help, Ask Question on Prepare the journal entries required to record transactions, Get Answer, Expert's Help, Prepare the journal entries required to record transactions Discussions

Write discussion on Prepare the journal entries required to record transactions
Your posts are moderated
Related Questions
Let us assume that you deposit Rs.1000 in a bank that pays 10 percent interest compounded yearly for a period of 3 years. The deposit will grow as given details: Fir

Identify the various prices for job To identify the various prices for job, there are numerous points to be considered, including: ?How many garages shall we visit? ?What

Extent of Tests of Control -Every year AUDITOR should obtain sufficient evidence about whether company's internal control over financial reporting, including controls for all inter

Types of interest given under a will The interest given in a legacy, devise or gift of residue may be of the following kinds:- 1. Vested: A vested interest gives an immedi

Balance Sheet Classifications and Relationships: Shelley and Co. has the following balance sheet elements as of December 31, 2012. Land. . . . . . . . . . . . . . . . . . . . . . .

Errors in Financial Statements The following financial statements are available for Sherwood Real Estate Company: Balance Sheet Assets Liabilities Cash . . . . . . . . . . . . . .

Evaluate 1-1/3(5/6 - 1/2) ---------------- 2/5 / 2/5(5/6-2/3)

Company X is presumably doing well. The corporation's balance sheet last September 31 can be summarized as follows: Total Assets

Asset Acquisition An alternate way of conducting a buyout by purchasing few assets an industry may have inspite of purchasing that organizations stock.

Legal Aspects There is no law relating to branch accounts but examination problems under this heading are frequently linked to either partnership or company account problems. Ans