2. Record the following transactions on the books of Hope Hospital, which follow FASB (not-for-profit) and AICPA standards. The year is 2024. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field. Hope received $51,000 in cash from pledges made in the previous year that were unrestricted as to purpose but intended to be received and expended in 2024. Hope received $104,000 in pledges that indicated the money would be received in 2025. The donors imposed no restrictions other than it could be used for any purpose desired by the board. Hope expended $55,000 for nursing training, using $49,000 of donor-restricted resources received in 2023 for that purpose. On June 15, 2024, Hope was awarded a $66,000 grant for cancer research by the U.S. Department of Agriculture. During 2024, Hope had qualified expenses under the grant totaling $42,300. This is a cost reimbursement grant. Hope received $288,000 in cash. The board decided to invest the funds for future plant expansion.
2.
Record the following transactions on the books of Hope Hospital, which follow FASB (not-for-profit) and AICPA standards. The year is 2024.
Note: If no entry is required for a transaction or event, select "No
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Hope received $51,000 in cash from pledges made in the previous year that were unrestricted as to purpose but intended to be received and expended in 2024.
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Hope received $104,000 in pledges that indicated the money would be received in 2025. The donors imposed no restrictions other than it could be used for any purpose desired by the board.
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Hope expended $55,000 for nursing training, using $49,000 of donor-restricted resources received in 2023 for that purpose.
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On June 15, 2024, Hope was awarded a $66,000 grant for cancer research by the U.S. Department of Agriculture. During 2024, Hope had qualified expenses under the grant totaling $42,300. This is a cost reimbursement grant.
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Hope received $288,000 in cash. The board decided to invest the funds for future plant expansion.
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