Donated $250 to the local amateur hockey club for their end-of-season banquet. What would be the correct entry into the General Journal?
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Donated $250 to the local amateur hockey club for their end-of-season banquet. What would be the correct entry into the General Journal?
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- -Suppose that deans objective with the donation to the museum was to finance expansion of the historical collection. What is deans charitable contribution deduction for the painting in this situation?A local museum has its historical collections on display for the museum visitors. The majority of these items were donated and were worth several million dollars when they were donated. After visiting the museum you decide to look at the Statement of Financial Position to see the amount that has been recognized for these collections. The amount listed in the Statement of Financial Position is $1. How/why would the not for profit only show this amount for these collections?The Fox Point Humane Society, a VHWO caring for lost animals, had the following financial inflows and outflows for the year ended December 31, 2018:Inflows:Cash received from federated campaign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $650,000Cash received that is designated for 2019 operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000Contributions pledged for 2018, not yet received. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000Contributions pledged for 2019, not yet received. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000Sales of pet supplies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000Pet adoption fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000Outflows:Kennel operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…
- Record the following transactions. Identify each as a contribution, agency, or an exchange transaction, and prepare any appropriate entries.1. Private University coordinated its annual special event with the opening of the alumni weekend. Tickets to the special event were $200 and included a buffet (cost, $30), admission to the university symphony (cost, $30), and a reception (cost, $35). A total of 500 tickets was sold.2. A local manufacturing company gave $1,000,000 to Private University to commission a study on the relationship of worker stress to chronic disease. The results of the study will be used to educate the general public.3. Bradley Corporation gave a contribution of $550,000 to Private University. Bradley specifies that the gift is to be invested in perpetuity and that the income may be used by Private University to pay operating costs.4. Local Corporation donated a building to Private College for use as new office space. The cost to Local was $750,000. The building was…Accounting for Contribution Revenue Hannon University, a private, nonprofit university, receives a letter from an alumnus who pledges $4,400,000 for the establishment of a center for public service. The donor expresses the wish that the amount be used in the next fiscal year, but the donor's letter does not identify any barriers to be overcome or identify a right of release. Based on history, Hannon University expects to collect 95% of the pledged amount. 1. Record the journal entry that would be recorded upon receipt of the letter. Enter accounts in order of magnitude (largest to smallest amounts), debits first. Account Debit To record the pledge from an alumnus. 0 0 0 Credit Revenue would have been recorded for the full pledge amount. The pledge would not have been recorded. The revenue would not have been recorded as restricted. 0 0 0 2. How would the pledge have been recorded if Hannon University were a public university? →10-15. Jefferson Animal Rescue is a private not-for-profit clinic and shelter for abandoned domesticated animals, chiefly dogs and cats. At the end of 2019, the organization had the following account balances: [See attached image] The following took place during 2020: 1. Additional supplies were purchased on account in the amount of $16,050.2. Unconditional (and unrestricted) pledges of support were received totaling $95,000. In light of a declining economy, 4 percent is expected to be uncollectible. The remainder is expected to be collected in the current year.3. Supplies used for animal care amounted to $17,200.4. Payments made on accounts payable amounted to $17,100.5. Cash collected from pledges totaled $90,500.6. Salaries were paid in the amount $47,500. Included in this amount is the accrued wages payable at the end of 2019. (The portion of wages expense attributable to administrative expense is $15,000 and fund-raising expense is $2,000. The remainder is for animal care.)7.…
- Subject : AccountingA professional tennis player from a city donated $1,500,000 for the maintenance and upkeep of the municipal tennis courts. The city can only use the earnings on the money for the upkeep. The donation would be recorded in which of the following: private purpose fund investment trust fund custodial fund permanent fundA private college has received pledges that are due within one year pledges that are long-term. How will the college report the pledges in its financial statements?
- Hw.17.The following expenditures were among those a not-for-profit society incurred during 2021: Printing of annual report Unsolicited merchandise sent to encourage contributions $35,000 $15,000 What amount should be classified as fund-raising costs in the society's activity statement? A) $50,000 B) $15,000 C) $20,000 D) $35,000
