Create a transaction report for the following February transactions for the Access to Learning nonprofif organization: - On Feb 1, the nonprofit paid $20,000 in salaries. - On Feb 2, the nonprofit used $5,000 in cash to pay down its accounts payable by that amount. - On Feb5, the nonprofit received $5,000 in cash from a foundation, and that donation had previously been recorded in accounts receivable. - On Feb 10, the executive director talked to a foundation program officer who said that the foundation would be giving a $25000 grant to the nonprofit within the next 2 months. - On Feb 15, the nonprofit incurred another $1,000 in salaries payable. - On Feb 20, the nonprofit received $5,000 in cash from pledges. - On Feb 22, the nonprofit received a second payment of $10,000 from the $50,000 foundation grant. - On Feb 23, the nonprofit conducted the workshops that were paid for in Jan ($10,000), and payment had been recorded as deferred revenue. - On Feb 24, the nonprofit made a mortgage payment of $5,000 plus $500 in mortgage interest. - On Feb 25, the nonprofit bought $500 worth of books with cash.

Create a transaction report for the following February transactions for the Access to Learning nonprofif organization: - On Feb 1, the nonprofit paid $20,000 in salaries. - On Feb 2, the nonprofit used $5,000 in cash to pay down its accounts payable by that amount. - On Feb5, the nonprofit received $5,000 in cash from a foundation, and that donation had previously been recorded in accounts receivable. - On Feb 10, the executive director talked to a foundation program officer who said that the foundation would be giving a $25000 grant to the nonprofit within the next 2 months. - On Feb 15, the nonprofit incurred another $1,000 in salaries payable. - On Feb 20, the nonprofit received $5,000 in cash from pledges. - On Feb 22, the nonprofit received a second payment of $10,000 from the $50,000 foundation grant. - On Feb 23, the nonprofit conducted the workshops that were paid for in Jan ($10,000), and payment had been recorded as deferred revenue. - On Feb 24, the nonprofit made a mortgage payment of $5,000 plus $500 in mortgage interest. - On Feb 25, the nonprofit bought $500 worth of books with cash.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxation Of Trusts And Estates

Section: Chapter Questions

Problem 9DQ

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Question

Create a transaction report for the following February transactions for the Access to Learning nonprofif organization:

- On Feb 1, the nonprofit paid $20,000 in salaries.

- On Feb 2, the nonprofit used $5,000 in cash to pay down its accounts payable by that amount.

- On Feb5, the nonprofit received $5,000 in cash from a foundation, and that donation had previously been recorded in accounts receivable.

- On Feb 10, the executive director talked to a foundation program officer who said that the foundation would be giving a $25000 grant to the nonprofit within the next 2 months.

- On Feb 15, the nonprofit incurred another $1,000 in salaries payable.

- On Feb 20, the nonprofit received $5,000 in cash from pledges.

- On Feb 22, the nonprofit received a second payment of $10,000 from the $50,000 foundation grant.

- On Feb 23, the nonprofit conducted the workshops that were paid for in Jan ($10,000), and payment had been recorded as deferred revenue.

- On Feb 24, the nonprofit made a mortgage payment of $5,000 plus $500 in mortgage interest.

- On Feb 25, the nonprofit bought $500 worth of books with cash.

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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