Part A: Prepare in good form the following journal entries. Enter all dollar amounts with values since cell references not provided. Enter debit entries before credit entries. General Journal For Year Ending December 31, 2021 a b c d Ref Account (Debit) Account (Credit) DEBIT CREDIT The Scholarship for Hoosiers organization hosted its annual fundraiser and received $680,000 in contributions. Historically, they've collected 90% of what is promised. They do NOT utilize the direct write off method. Contributions Receivable The Scholarship for Hoosiers organization received investments valued at $325k Investment 680,000 Contribution Revenue -Without Donor Restrictions Contribution Revenue - With Donor Restrictions Salary Expense Investment Income 325,000 An anonymous donor gave cash gifts of $425k indicating that the gift should be used for recipients with GPA below 2.5 with perfect attendance. Contribution Revenue - With Donor Restrictions Gifts In Kind -Donated Material Scholarships for Hoosiers paid their employee salaries for the month in the amount of $48,000 325,000 425,000 612,000 68,000 48,000 425,000 Salary Expense A local CPA volunteered his time to audit the financial statements for the NFP. It took him 38 hours and his normal hourly fee is $ 250/hour. 48,000
Part A: Prepare in good form the following journal entries. Enter all dollar amounts with values since cell references not provided. Enter debit entries before credit entries. General Journal For Year Ending December 31, 2021 a b c d Ref Account (Debit) Account (Credit) DEBIT CREDIT The Scholarship for Hoosiers organization hosted its annual fundraiser and received $680,000 in contributions. Historically, they've collected 90% of what is promised. They do NOT utilize the direct write off method. Contributions Receivable The Scholarship for Hoosiers organization received investments valued at $325k Investment 680,000 Contribution Revenue -Without Donor Restrictions Contribution Revenue - With Donor Restrictions Salary Expense Investment Income 325,000 An anonymous donor gave cash gifts of $425k indicating that the gift should be used for recipients with GPA below 2.5 with perfect attendance. Contribution Revenue - With Donor Restrictions Gifts In Kind -Donated Material Scholarships for Hoosiers paid their employee salaries for the month in the amount of $48,000 325,000 425,000 612,000 68,000 48,000 425,000 Salary Expense A local CPA volunteered his time to audit the financial statements for the NFP. It took him 38 hours and his normal hourly fee is $ 250/hour. 48,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Requirement 1: Prepare journal entries and a trial balance based upon the following transactions for Scholarships for Hoosiers Not for profit organization.
Part A: Prepare in good form the following journal entries. Enter all dollar amounts with values since cell references not provided. Enter debit entries before credit entries.
General Journal
For Year Ending December 31, 2021
a
d
Ref#
Account (Debit)
Account (Credit)
DEBIT
CREDIT
The Scholarship for Hoosiers organization hosted its annual fundraiser and received $680,000 in contributions. Historically,
they've collected 90% of what is promised. They do NOT utilize the direct write off method.
Contributions Receivable
The Scholarship for Hoosiers organization received investments valued at $325k
Investment
Contribution Revenue - With Donor Restrictions
Contribution Revenue -Without Donor Restrictions
Contribution Revenue - With Donor Restrictions
Salary Expense
680,000
Investment Income
An anonymous donor gave cash gifts of $425k indicating that the gift should be used for recipients with GPA below 2.5 with
perfect attendance.
Gifts In Kind -Donated Material
Scholarships for Hoosiers paid their employee salaries for the month in the amount of $48,000
325,000
425,000
612,000
68,000
48,000
325,000
425,000
Salary Expense
A local CPA volunteered his time to audit the financial statements for the NFP. It took him 38 hours and his normal hourly fee
is $ 250/hour.
48,000
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