On January 1, the first day of the fiscal year, a member of a nonprofit hospital's board of directors passed away. His will provided a $96,250 contribution to the hospital to upgrade the skills of its nurses. During January, the hospital spent $41,250 to train the nurses. Prepare journal entries to record the transactions. If no adjustment is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields. Account Debit Credit Cash 96,250 Restricted donor contribution revenue 96,250 To record contribution. Nurse training expense 41,250 Cash 41,250 To record training.costs. Net assets without donor restrictions, Reclassifications in 41,250 Net assets with donor restrictions, Reclassifications out 55,000 x To record reclassification.

On January 1, the first day of the fiscal year, a member of a nonprofit hospital's board of directors passed away. His will provided a $96,250 contribution to the hospital to upgrade the skills of its nurses. During January, the hospital spent $41,250 to train the nurses. Prepare journal entries to record the transactions. If no adjustment is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields. Account Debit Credit Cash 96,250 Restricted donor contribution revenue 96,250 To record contribution. Nurse training expense 41,250 Cash 41,250 To record training.costs. Net assets without donor restrictions, Reclassifications in 41,250 Net assets with donor restrictions, Reclassifications out 55,000 x To record reclassification.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please do not give solution in image format ? And Fast answering please and explain proper steps by Step.
Case Studies / Problem Solving Below are summaries of cases studied. Please read each case, analyze the facts, and provide a brief solution to the problem. Sally Smith was the Treasurer of University Hospital. Ms. Smith perpetrated a $15 million fraud over a ten-year period. The fraud was accomplished through a “secret bank account” opened by Smith in the name of the Hospital Patient Reserve Account. Smith created phony invoices for the Hospital Patient Reserve Account, writing checks in payment from one of the Hospital’s bank accounts, and payable to the “Treasurer”. She would then deposit the checks into the secret account to pay her personal expenses. Additionally, she would prepare bank reconciliations for the accounts, made deposits, and was provided sole access to all statements, and correspondence from the University Hospital’s account. Identify the various weakness in internal controls, and how the University Hospital might have prevented such a loss.
Penny-Wise Pound-Fool Company established a $400 petty cash fund on September 1, 2021. The fund is replenished at the end of each month. At the end of September 2021, the fund contained $74 in cash and each of the following receipts: Office Supplies $142 Advertising 96 Postage 40 Miscellaneous 38 Required: Prepare the necessary general journal entry to establish the petty cash fund on September 1 and to replenish the fund on September 30.
Please help
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
An international children’s charity collects donations, which are used to buy clothing and toysfor children in need. The charity records donations of cash and other items as Donations Revenuewhen received. Prepare journal entries for the following transactions, which occurred during arecent month, and determine the charity’s preliminary net income.a. Received $4,000 in cash and checks from a door-to-door campaign.b. Paid $2,000 cash for employee wages this month.c. Paid $1,000 cash on a short-term loan from the bank (ignore interest).d. Bought $3,000 worth of new toy supplies from a large toy manufacturer, paying $1,000 cashand signing a short-term note for $2,000.e. The manufacturer generously donated an additional $2,500 of toy supplie
After evaluating the information provided by the employees of La Nueva Era bookstore: Determine the amounts that must be reported in the employees' W2.Calculate the Social Security and Medicare payment that the employer must make.Calculate the state unemployment that the employer must pay at the rate of 6% of the first $ 10,000 the employee earns.Make the entries to the wage related to the debts contracted with the different agencies in contributions by the employer. Employee Name Weekly salary Retirement payment Juan del Pueblo $1,250.00 $21.93 Ramonita Ramírez $950.00 $37.12 Brenda Montalvo $1,100.00 $88.00 Camilo Monge $590.00 $23.02 Jorge Emmanueli $860.00 $92.00 Mariel Estrada $1,020.00 $48.00 Emanuel Reyes $750.00 $25.60 Ernesto Ramírez $640.00 $26.40 Daniela Morales $1,000.00 $32.68 Ángel Carrasquillo $860.00 $68.80
Please help me
Prepare journal entries for the following transactions, using the accounts in the order listed: PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the transactions. On June 1, Kellie Company had decided to initiate a petty cash fund in the amount of $1,200. DR CR On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. DR DR DR DR DR DR or CR? CR On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. DR DR DR DR DR DR or CR?…