The League, a non-profit organization, received the following pledges: Unrestricted P200,000 Restricted for Capital Additions 150,000 All pledges are legally enforceable. However, the League’s experience indicates that 10% of all pledges prove to be uncollectible. What amount should the League report as pledges receivable net of any required allowance account? PROVIDE JOURNAL ENTRY
The League, a non-profit organization, received the following pledges: Unrestricted P200,000 Restricted for Capital Additions 150,000 All pledges are legally enforceable. However, the League’s experience indicates that 10% of all pledges prove to be uncollectible. What amount should the League report as pledges receivable net of any required allowance account? PROVIDE JOURNAL ENTRY
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The League, a non-profit organization, received the following pledges:
Unrestricted P200,000
Restricted for Capital Additions 150,000
All pledges are legally enforceable. However, the League’s experience indicates that 10% of all pledges
prove to be uncollectible. What amount should the League report as pledges receivable net of any required
allowance account?
PROVIDE
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