Reference no: EM132461486

Problem - The New Cumberland Food Ministry (private NFP organization) receives the following donations:

1. A donor contributes $3,000 cash, with no restrictions or conditions.

2. An electrician provides services valued at $10,000 to modernize the ministry's wiring and heating.

3. An accountant provides payroll services valued at $4,000.

4. Volunteers provide services valued at $1,000 in warehousing and delivering food.

5. A donor signs an agreement promising to contribute cash in three years. The present value of the donation is $50,000.

6. A donor contributes a delivery van, valued at $14,000, with no restrictions as to use.

7. A donor contributes $25,000 in cash, specifying that it be used to support nutritional programs open to the community.

Required - Prepare the journal entry to record each contribution. If the account used affects net assets, indicate the category of net assets that is affected. Use N/A to indicate if no entry is appropriate.