Problem 3 - The American Cancer Society, a not for profit entity, had the following transactions; 1/1/20 Received a $50,000 donation for general operations, however the donor stipulated that the money could not be spent until after 6/30/20. 1/4/20 Received a $20,000 donation to specifically used to create anti smoking campaigns for teenagers. The donor also stipulated that the money could be spent until after 6/30/20. 8/1/20 Spent $50,000 of the 1/1/20 donation on general operations 9/1/20 Spent $20,000 of the 1/4/20 donation creating the anti smoking campaign Required; Prepare the journal entries for the above transactions. Remember to note whether the involved are restricted or unrestricted.
Problem 3 - The American Cancer Society, a not for profit entity, had the following transactions;
1/1/20 Received a $50,000 donation for general operations, however the donor
stipulated that the money could not be spent until after 6/30/20.
1/4/20 Received a $20,000 donation to specifically used to create anti smoking
campaigns for teenagers. The donor also stipulated that the money could
be spent until after 6/30/20.
8/1/20 Spent $50,000 of the 1/1/20 donation on general operations
9/1/20 Spent $20,000 of the 1/4/20 donation creating the anti smoking campaign
Required; Prepare the
involved are restricted or unrestricted.
Step by step
Solved in 2 steps with 1 images
