Recognition of establishment of endowment fund: When an organisation receives income from an endowment fund established by some other organisation, then that income is like a donation for the receiving organisation. Establishment of endowment fund should be recorded by receiving organisation as a memorandum entry only. Memorandum entry means a short entry in which no debit credit amounts are involved. This is not a complete journal entry . : Journal entry required by Central to record establishment of the endowment.

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Answer 1

Question

Chapter 19, Problem 19.2.12E

To determine

Concept Introduction:

Recognition of establishment of endowment fund:

When an organisation receives income from an endowment fund established by some other organisation, then that income is like a donation for the receiving organisation. Establishment of endowment fund should be recorded by receiving organisation as a memorandum entry only. Memorandum entry means a short entry in which no debit credit amounts are involved. This is not a complete journal entry.

:

Journal entry required by Central to record establishment of the endowment.

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Answer 2

Question

Chapter 19, Problem 19.2.12E

To determine

Concept Introduction:

Recognition of establishment of endowment fund:

When an organisation receives income from an endowment fund established by some other organisation, then that income is like a donation for the receiving organisation. Establishment of endowment fund should be recorded by receiving organisation as a memorandum entry only. Memorandum entry means a short entry in which no debit credit amounts are involved. This is not a complete journal entry.

:

Journal entry required by Central to record establishment of the endowment.

Expert Solution & Answer

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Answer 3

Question

Chapter 19, Problem 19.2.12E

To determine

Concept Introduction:

Recognition of establishment of endowment fund:

When an organisation receives income from an endowment fund established by some other organisation, then that income is like a donation for the receiving organisation. Establishment of endowment fund should be recorded by receiving organisation as a memorandum entry only. Memorandum entry means a short entry in which no debit credit amounts are involved. This is not a complete journal entry.

:

Journal entry required by Central to record establishment of the endowment.

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Answer 4

Question

Chapter 19, Problem 19.2.12E

To determine

Concept Introduction:

Recognition of establishment of endowment fund:

When an organisation receives income from an endowment fund established by some other organisation, then that income is like a donation for the receiving organisation. Establishment of endowment fund should be recorded by receiving organisation as a memorandum entry only. Memorandum entry means a short entry in which no debit credit amounts are involved. This is not a complete journal entry.

:

Journal entry required by Central to record establishment of the endowment.

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Answer 5

Chapter 19, Problem 19.2.12E

To determine

Concept Introduction:

Recognition of establishment of endowment fund:

When an organisation receives income from an endowment fund established by some other organisation, then that income is like a donation for the receiving organisation. Establishment of endowment fund should be recorded by receiving organisation as a memorandum entry only. Memorandum entry means a short entry in which no debit credit amounts are involved. This is not a complete journal entry.

:

Journal entry required by Central to record establishment of the endowment.

Answer 6

Chapter 19, Problem 19.2.12E

To determine

Concept Introduction:

Recognition of establishment of endowment fund:

When an organisation receives income from an endowment fund established by some other organisation, then that income is like a donation for the receiving organisation. Establishment of endowment fund should be recorded by receiving organisation as a memorandum entry only. Memorandum entry means a short entry in which no debit credit amounts are involved. This is not a complete journal entry.

:

Journal entry required by Central to record establishment of the endowment.

Answer 7

Chapter 19, Problem 19.2.12E

To determine

Concept Introduction:

Recognition of establishment of endowment fund:

When an organisation receives income from an endowment fund established by some other organisation, then that income is like a donation for the receiving organisation. Establishment of endowment fund should be recorded by receiving organisation as a memorandum entry only. Memorandum entry means a short entry in which no debit credit amounts are involved. This is not a complete journal entry.

:

Journal entry required by Central to record establishment of the endowment.

Answer 8

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Answer 9

Expert Solution & Answer

Answer 10

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Answer 11

Ch. 19 - Prob. 19.1Q Ch. 19 - Prob. 19.2Q Ch. 19 - Prob. 19.3Q Ch. 19 - Prob. 19.4Q Ch. 19 - Prob. 19.5Q Ch. 19 - Prob. 19.6Q Ch. 19 - Prob. 19.7Q Ch. 19 - Prob. 19.8Q Ch. 19 - Prob. 19.9Q Ch. 19 - Prob. 19.10Q

Solution Summary: The author explains that when an organisation receives income from an endowment fund established by another organisation, that income is like a donation for the receiving organisation.

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Chapter 19 Solutions