1. Mike Lindell donated $200,000 to Habitatfor Humanity, a non profit. This donation wasrestricted to be used for buying beds forrehabbed houses for the poor. The journalentry by Habitat for Humanity for thedonation should be:2. Habitat for Humanity received a $200,000grant to purchase a home for the Pedersonfamily. No variance power was given as to theuse of the proceeds. At the date ofcontribution, write the journal entry by H forH to record the initial receipt:3.Eastern University, a private non profituniversity, received the following amountsduring fiscal 2020- tuition charged. 10,000,000- less financial aid grants to students.3,000,000'Total receipts. = 7,000,000How should the financial aid grants tostudents be reported in the statement ofactivities?

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1. Mike Lindell donated $200,000 to Habitat for Humanity, a non profit. This donation was restricted to be used for buying beds for rehabbed houses for the poor. The journal entry by Habitat for Humanity for the donation should be:

1. Mike Lindell donated $200,000 to Habitat for Humanity, a non profit. This donation was restricted to be used for buying beds for rehabbed houses for the poor. The journal entry by Habitat for Humanity for the donation should be:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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