In need help with preparing the following for journal entries, balance and statement sheets. I would like to know how close I'm to the right answers A donor made a $1,000,000 pledge, giving the foundation a legally enforceable 90-day note for the full amount.The same donor paid $500,000 of the amount pledged.The foundation purchased a building for $900,000, paying $90,000 in cash and giving a ten-year mortgage for the balance. The building has a 25-year useful life. The foundation charges a half-year’s depreciation for all assets in the year they are acquired.The foundation hired five employees. By year-end, these employees have earned $10,000 in salaries and wages for which they have not been paid.The foundation accounts for its activities in a single fund.Prepare journal entries to record the transactions, making the following alternative assumptions as to the fund’s measurement focus:Cash onlyCash plus other current financial resources (cash plus short-term receivables less short-term payables)All economic resources

A journal entry is a form of accounting entry that is used to report a business transaction in a…

Answered: In need help with preparing the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

100%

In need help with preparing the following for journal entries, balance and statement sheets. I would like to know how close I'm to the right answers

A donor made a $1,000,000 pledge, giving the foundation a legally enforceable 90-day note for the full amount.
The same donor paid $500,000 of the amount pledged.
The foundation purchased a building for $900,000, paying $90,000 in cash and giving a ten-year mortgage for the balance. The building has a 25-year useful life. The foundation charges a half-year’s depreciation for all assets in the year they are acquired.
The foundation hired five employees. By year-end, these employees have earned $10,000 in salaries and wages for which they have not been paid.

The foundation accounts for its activities in a single fund.

Prepare journal entries to record the transactions, making the following alternative assumptions as to the fund’s measurement focus:

Cash only
Cash plus other current financial resources (cash plus short-term receivables less short-term payables)
All economic resources

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions