From the following information, prepare journal entries in the Permanent Fund: a. The estate makes a bequest to HI-Tech City of SAR 7,000,000. A Permanent Fund, the Cash Bequest Fund, is used to account for the bequest and its activities. b. After receiving the bequest, the entire amount is invested in securities. c. During the year, the fund earns SAR 640,000 on its investments. d Operating expenditures of SAR 31,000 paid.

From the following information, prepare journal entries in the Permanent Fund: a. The estate makes a bequest to HI-Tech City of SAR 7,000,000. A Permanent Fund, the Cash Bequest Fund, is used to account for the bequest and its activities. b. After receiving the bequest, the entire amount is invested in securities. c. During the year, the fund earns SAR 640,000 on its investments. d Operating expenditures of SAR 31,000 paid.

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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Question

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From the following information, prepare journal entries in the Permanent Fund:
a. The estate makes a bequest to HI-Tech City of SAR 7,000,000. A Permanent Fund, the Cash Bequest Fund, is used to account for the bequest and
its activities.
b. After receiving the bequest, the entire amount is invested in securities.
c. During the year, the fund earns SAR 640,000 on its investments.
d. Operating expenditures of SAR 31,000 paid.

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