Problem 1 - The American Red Cross, a not for profit entity, had the following transactions; 1/20/20 Received a $200,000 donation in support of its activities 2/4/20 Received a $150,000 Federal grant to provide supplies and aid to survivors of a recent earthquake 2/21/20 Spent $180,000 of the 1/20/20 donation aiding victims of a hurricane in Florida 2/25/20 Spent $110,000 of the 2/4/20 grant aiding survivors of the recent earthquake Required; Prepare the journal entries for the above transactions. Remember to note whether the accounts involved are restricted or unrestricted.
Problem 1 - The American Red Cross, a not for profit entity, had the following transactions;
1/20/20 Received a $200,000 donation in support of its activities
2/4/20 Received a $150,000 Federal grant to provide supplies and aid to survivors of
a recent earthquake
2/21/20 Spent $180,000 of the 1/20/20 donation aiding victims of a hurricane in Florida
2/25/20 Spent $110,000 of the 2/4/20 grant aiding survivors of the recent earthquake
Required; Prepare the
accounts involved are restricted or unrestricted.
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)