Question
7. Ace and TJ is a not-for-profit organization that supports the rehabilitation of injured or orphaned animals. During the year, the organization recorded a number
7. Ace and TJ is a not-for-profit organization that supports the rehabilitation of injured or orphaned animals. During the year, the organization recorded a number of financial activities. The organization
recognized the following revenues (the contributions are all on account and the investment returns are in cash):
Revenues - contributions (without donor restrictions)) | $587,000 |
Revenues - contributions (with donor restrictions) | 73,250 |
Revenues - investment (without donor restrictions) | 5,970 |
Revenues - investment (with donor restrictions) | 19,950 |
Prepare the journal entry for this transaction.
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