User Account

All Pages

How would journal entities look at the acquisition of funds

Assignment Help Accounting Basics
Reference no: EM131655271

Assignemnt

You are a believer that new employees should practice their accounting skills before "throwing them into the fire." Therefore, you have listed a series of transactions that require journal entries and updating of T-Accounts.

You know that preparing nonprofit journal entries are easy, so you ask the new employee to

• prepare, side by side, the correct journal entry for the identical transaction:

o once for a nonprofit entity
o once for a for-profit company

• include notes for each transaction

1. Transaction 1: Assume a nonprofit has a restricted fund for capital asset purchases. Compare the journal entries for the cash purchase of a $10,000 computer by the nonprofit, to how the journal entry would look for this for-profit.

2. Transaction 2: Assume that a nonprofit has a need for $80,000 for a particular new marketing expenditure, and a for-profit entity needs to raise an additional $80,000 to pay for some unanticipated marketing expenses. How would the journal entities look at the acquisition of the funds and the subsequent spending of the funds?

3. Transaction 3: The for-profit entity sells $120,000 with net 30-day terms, while the nonprofit entity has a fund raising drive for which they receive pledges of $120,000. How do the two journal entries look?

Reference no: EM131655271

Questions Cloud

State-of-being verb that is the main verb : Writers should use an objective-case pronoun if the pronoun follows a state-of-being verb that is the main verb?
Calculate correlation coefficient of billed consulting hours : Calculate the sample correlation coefficient between billed consulting hours and total project costs.
Executive compensation package for this potential hire : What factors are you considering in setting the executive compensation package for this potential hire?
Identify and explain any ethical concerns devon : What are Devon's options related to the undelivered and damaged goods, According to your text, what laws govern business
How would journal entities look at the acquisition of funds : How would the journal entities look at the acquisition of the funds and the subsequent spending of the funds? How do the two journal entries look?
Magazine geared toward organizational leaders : Develop a "how-to" magazine article (written in third person) to appear in a business magazine geared toward organizational leaders.
Describe the basic structures of protozoa : Describe the basic structures of protozoa. Can these same structures be seen in bacteria using a light microscope
Prepare a presentation highlight the expansion proposal : Prepare a PowerPoint Presentation Highlight the Expansion Proposal. describe in detail the key decisions you made in Project Parts 1, 2, and 3 and the reasons.
Represent the company decision problem : (a) Construct a decision tree to represent the company's decision problem.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Impact on net operating income by discontinuing program

What is the impact on net operating income by discontinuing housekeeping program - Should the housekeeping program be discontinued?

  Using direct labor-hours as the base for assigning overhead

siegel company manufactures a product that is available in both a deluxe model and a regular model. the company has

  Which of the following is not a method of identify theft

Which of the following is not a method of identify theft?

  Prepare a tabulation of the contribution margin per unit

a chairs variable cost is 52 and its market value as a piece of unfinished furniture is 65 at a transfer point from the

  Land and a warehouse were acquired for 710000 what amounts

land and a warehouse were acquired for 710000. what amounts should be recorded in the accounting records for land and

  The net exports effect

The "net exports effect" is the impact on a country's total spending caused by an inverse relationship between the price level and the net exports of an economy. Using this principle, discuss how the following economic variables change during an e..

  Complete the required financial statements

Complete the required financial statements (Statement of Comprehensive Income, and Statement of Stockholder's Equity) in good form

  Book value and market value per share of common stock

What is the difference between book value per share of common stock and market value per share? Why does this disparity occur?

  Record the journal entries for the transactions listed above

On January 5, 2010, Phelps Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 50,000 shares of $10 par value common stock.

  Gross pay for the employee

Cumulative earnings for year prior to current week, $95,817; social security tax rate, 6.0% on maximum of $102,977; and Medicare tax rate, 1.5% on all earnings. What is the gross pay for the employee?

  Make the entries required in the capital projects fund

On July 1, 2011, a five-year agreement is signed between the City of Genoa and the Computer Leasing Corporation for the use of computer equipment.

  Steven corporation has been authorized to issue shares

The preferred stock was issued for land having a fair market value of $296,000.All common stock issued was for cash. In November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $22.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd