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a. Prepare journal entries to record the transactions for 2023. General Journal Description Ref. Restricted cash Cash Contributions revenue - restricted Contributions revenue -
a. Prepare journal entries to record the transactions for 2023. General Journal Description Ref. Restricted cash Cash Contributions revenue - restricted Contributions revenue - unrestricted To record receipt of initial resources provided by a private foundation. 1 Cash Restricted cash Administrative expense Contributions receivable Allowance for uncollectibles Contributions revenue -unrestricted Debit Credit 0 x 0 0 x 0 0 0 x 0 x 0 x 0 x 0 x 0 % 0 0 x 0 x 0 x Contributions revenue-restricted To record contributions and promises. 2 Program expenses 0 % 0 Administrative expenses 0 % 0 Fund-raising expenses 0 % 0 Accounts payable Cash To record out-of-pocket operating expenses. 3 Investments 0 0 x 0 x Cash Investment income-unrestricted 0 x 0 0 x 0 0 % To record the investment income. 4 Net assets released from restrictions-restricted 0 x 0 Net assets released from restrictions-unrestricted 0 x To record reclassification of net assets. Building and equipment, net Note payable Restricted cash Mortgage payable 0 % 0 x 0 x 0 0 x To record purchase of building. 5 Administrative expenses Cash To record payment of accrued interest on mortgage and note. 6 Program expenses Building and equipment, net To record depreciation on building and equipment. 0 x 0 0 0 x 0 % 0 0 0 x
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