Make the following entries related to a museum
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Make the following entries related to a museum.
The museum is a non-profit organization and had the following transactions during fiscal year 20X2:
a. Received unrestricted cash contributions of $500,000.
b. Received donor-restricted contributions of $300,000.
c. Received donor-restricted contributions to the $500,000 endowment fund.
d. Received restricted donor contributions for museum security of $100,000.
e. Received unrestricted cash for: Museum admission fees, $800,000; Private activities, $450,000.

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- 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 Senior League, a not-for-profit welfare agency, redeemed a $100,000 bond that it had held as an investment of resources without donor restrictions. It also received an interest payment of $6,000. In its statement of cash flows, the league should report: A.) $106,000 as a cash flow from investing activities B.) $106,000 as a cash flow from operating activities C.) $100,000 as a cash flow from investing activities and $6,000 as a cash flow from financing activities D.) $100,000 as a cash flow from investing activities and $6,000 as a cash flow from operating activitiesOnly typed solution
- shak City creates a new internal service fund. To get the internal service fund started, the City's general fund loans $100,000 to the newly created internal service fund. What journal entry will be recorded in the general fund as a result of the transaction? None of these Debit cash $100,000; credit due to internal service fund $100,000 Debit due from internal service fund $100,000; credit cash $100,000 Debit transfers in/out $100,000; credit cash $100,000 Debit cash $100,000; credit transfers in/out $100,000A local private not-for-profit health care entity (Rochester Medical) incurred the following transactions during the current year. The entity has one program service (health care) and two supporting services (fundraising and administrative). The board of governors for Rochester Medical (RM) announces that $160,000 in previously unrestricted cash will be used in the near future to acquire equipment. These funds are invested until the purchase eventually occurs. RM receives a donation of $80,000 in cash with the stipulation that the money be invested in U.S. government bonds. All subsequent income derived from this investment must be paid to supplement nursing salaries. RM spends $27,000 in cash to acquire medicines. RM had received this money during the previous year. The donor had specified that it had to be used for medicines. RM charges patients $2 million. These amounts are the responsibility of government programs and insurance companies. These third-party payors will receive…Local Services, a voluntary health and welfare organization had the following classes of net assets on July 1, 20X8, the beginning of its fiscal year: During the year ended June 30, 20X9, the following events occurred:(1) It purchased equipment, costing $100,000, with contributions restricted for this purpose. The contributions had been received from donors during June of 20X8.(2) It received $130,000 of cash donations which were restricted for research activities. During the year ended June 30, 20X9, $90,000 of the contributions were expended on research.(3) It sold investments classified in the permanently restricted class for a loss of $40,000. Dividends and interest income earned on the investments amounted to $70,000. There were no restrictions on how investment income was to be used.(4) It received cash contributions of $200,000 from donors who did not place either time or use restrictions upon their donations.(5) Expenses, excluding depreciation expense, for program services and…











