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The Shannon Community Kitchen provides hot meals to homeless and low-income individuals and families; it is the organization's only program. It is the policy of the kitchen to use restricted resources for which the purpose has been met before resources without donor restrictions. The Kitchen had the following revenue and expense transactions during the 2023 fiscal year. 1. Cash donations without donor restrictions of $25,000 were received. A philanthropist also contributed $3,000, which was to be used for the purchase of Thanksgiving dinner foodstuffs. 2. A local grocery store provided fresh produce with a fair value of $100. The produce was immediately used. 3. Volunteers from the local university contributed 100 hours to preparation and serving of meals. The estimated fair value of their labor was $750. 4. The Kitchen received a $5,000 federal grant for the purchase of institutional kitchen appliances. 5. A local foundation gave the Kitchen $6,000 to support serving hot meals next year. The money is to be returned to the foundation if the Kitchen does not serve at least 4,000 meals next year. 6. At Thanksgiving time, the Kitchen spent $4,100 on foodstuffs for preparation of the Thanksgiving dinner. Required Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No 9. A Transaction 01 B 02 50 C Answer is not complete. General Journal Debit Credit Cash Contributions-Without Donor Restrictions Contributions-With Donor Restrictions 28,000 25,000 3,000 Program Expenses 100 Contributions Without Donor Restrictions 100 33 03 No Journal Entry Required D 04 Cash 5,000 Contributions-With Donor Restrictions 5,000 E 05 Cash Program Expenses C 6,000 6,000 6(b) Net Assets Released-Satisfaction of Purpose Restriction-With Do 3,000 Net Assets Released-Satisfaction of Purpose Restriction-With 3,000

The Shannon Community Kitchen provides hot meals to homeless and low-income individuals and families; it is the organization's only program. It is the policy of the kitchen to use restricted resources for which the purpose has been met before resources without donor restrictions. The Kitchen had the following revenue and expense transactions during the 2023 fiscal year. 1. Cash donations without donor restrictions of $25,000 were received. A philanthropist also contributed $3,000, which was to be used for the purchase of Thanksgiving dinner foodstuffs. 2. A local grocery store provided fresh produce with a fair value of $100. The produce was immediately used. 3. Volunteers from the local university contributed 100 hours to preparation and serving of meals. The estimated fair value of their labor was $750. 4. The Kitchen received a $5,000 federal grant for the purchase of institutional kitchen appliances. 5. A local foundation gave the Kitchen $6,000 to support serving hot meals next year. The money is to be returned to the foundation if the Kitchen does not serve at least 4,000 meals next year. 6. At Thanksgiving time, the Kitchen spent $4,100 on foodstuffs for preparation of the Thanksgiving dinner. Required Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No 9. A Transaction 01 B 02 50 C Answer is not complete. General Journal Debit Credit Cash Contributions-Without Donor Restrictions Contributions-With Donor Restrictions 28,000 25,000 3,000 Program Expenses 100 Contributions Without Donor Restrictions 100 33 03 No Journal Entry Required D 04 Cash 5,000 Contributions-With Donor Restrictions 5,000 E 05 Cash Program Expenses C 6,000 6,000 6(b) Net Assets Released-Satisfaction of Purpose Restriction-With Do 3,000 Net Assets Released-Satisfaction of Purpose Restriction-With 3,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Shannon Community Kitchen provides hot meals to homeless and low-income individuals and families; it is the organization's only program. It is the policy of the kitchen to use restricted resources for which the purpose has been met before resources without donor restrictions. The Kitchen had the following revenue and expense transactions during the 2023 fiscal year. 1. Cash donations without donor restrictions of $25,000 were received. A philanthropist also contributed $3,000, which was to be used for the purchase of Thanksgiving dinner foodstuffs. 2. A local grocery store provided fresh produce with a fair value of $100. The produce was immediately used. 3. Volunteers from the local university contributed 100 hours to preparation and serving of meals. The estimated fair value of their labor was $750. 4. The Kitchen received a $5,000 federal grant for the purchase of institutional kitchen appliances. 5. A local foundation gave the Kitchen $6,000 to support serving hot meals next year. The money is to be returned to the foundation if the Kitchen does not serve at least 4,000 meals next year. 6. At Thanksgiving time, the Kitchen spent $4,100 on foodstuffs for preparation of the Thanksgiving dinner. Required Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No 9. A Transaction 01 B 02 50 C Answer is not complete. General Journal Debit Credit Cash Contributions-Without Donor Restrictions Contributions-With Donor Restrictions 28,000 25,000 3,000 Program Expenses 100 Contributions Without Donor Restrictions 100 33 03 No Journal Entry Required D 04 Cash 5,000 Contributions-With Donor Restrictions 5,000 E 05 Cash Program Expenses C 6,000 6,000 6(b) Net Assets Released-Satisfaction of Purpose Restriction-With Do 3,000 Net Assets Released-Satisfaction of Purpose Restriction-With 3,000
Transcribed Image Text:The Shannon Community Kitchen provides hot meals to homeless and low-income individuals and families; it is the organization's only program. It is the policy of the kitchen to use restricted resources for which the purpose has been met before resources without donor restrictions. The Kitchen had the following revenue and expense transactions during the 2023 fiscal year. 1. Cash donations without donor restrictions of $25,000 were received. A philanthropist also contributed $3,000, which was to be used for the purchase of Thanksgiving dinner foodstuffs. 2. A local grocery store provided fresh produce with a fair value of $100. The produce was immediately used. 3. Volunteers from the local university contributed 100 hours to preparation and serving of meals. The estimated fair value of their labor was $750. 4. The Kitchen received a $5,000 federal grant for the purchase of institutional kitchen appliances. 5. A local foundation gave the Kitchen $6,000 to support serving hot meals next year. The money is to be returned to the foundation if the Kitchen does not serve at least 4,000 meals next year. 6. At Thanksgiving time, the Kitchen spent $4,100 on foodstuffs for preparation of the Thanksgiving dinner. Required Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No 9. A Transaction 01 B 02 50 C Answer is not complete. General Journal Debit Credit Cash Contributions-Without Donor Restrictions Contributions-With Donor Restrictions 28,000 25,000 3,000 Program Expenses 100 Contributions Without Donor Restrictions 100 33 03 No Journal Entry Required D 04 Cash 5,000 Contributions-With Donor Restrictions 5,000 E 05 Cash Program Expenses C 6,000 6,000 6(b) Net Assets Released-Satisfaction of Purpose Restriction-With Do 3,000 Net Assets Released-Satisfaction of Purpose Restriction-With 3,000
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