Prepare journal entries for the following selected transactions of the Marvel Cares Foundation, which uses the restricted fund method and has an operating fund, a capital fund and an endowment fund:
Prepare
- Pledges totalling $325,000 were received of which $65,000 applies to the operations of the following year. It is estimated that 3% of the pledges will be uncollectible
- The foundation purchased office equipment at a cost of $5,100
- Pledges of $285,000 were collected and pledges totalling $3,750 were written off as uncollectible
- Air time with a value of $7,200 was donated by a local radio station
- Interest and dividends received were $13,700 on endowment fund investments. Endowment fund earnings are unrestricted
-
Step by step
Solved in 2 steps
