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
Q. What is Taxation and capital allowances? The suppositions made regarding taxation should be investigated. The tax rate has-been supposed to be constant when there may be dif

Value of accounting information When assessing value of accounting information we are confronted with similar problems. Provision of accounting information can be very expensiv

Q. Assembly of Financial Statements? Assembly of Financial Statements -Providing of various accounting or data-processingservices by an accountant, output of which is in the fo

Morningside nursing Home, a not-for-profit corporation, is estimating its corporate cost of capital.  Its tax-exempt debt currently requires an interest rate of 6.2 percent and its

1a. Explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of GDP, but the value of intermediate goods p

1. What is the internal rate of return for a project that has a net investment of $150,000 and net cash flows of $40,000 for 5 years? 2. Using the profitability index, which of

On December 1, 2013, Colonel Wilder borrowed $400,000 at 12% interest and pledged $500,000 in accounts receivable as collateral. Additionally, Colonel Wilder was charged a finance

Consolidated acccounts 1AS 27 therefore requires that the holding a company should include the financial results of the subsidiary company in its own financial statements. The

At one time, Circle K was the second-largest convenience store chain in the United States. At its peak, Circle K operated 4,685 stores in 32 states. Circle K's rapid expansion was

Q. Written inquiries for financial information? Inquiry - A procedure which comprises seeking information both financial and non-financial, of knowledgeable persons throughout