Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Accounts Payable Allowance for Uncollectible Accounts Bad Debt Expense Cash Contribution Revenue - With Donor Restrictions Contributions Receivable Contribution Revenue -Without Donor Restrictions Deferred Revenue

image text in transcribedimage text in transcribed

Accounts Payable Allowance for Uncollectible Accounts Bad Debt Expense Cash Contribution Revenue - With Donor Restrictions Contributions Receivable Contribution Revenue -Without Donor Restrictions Deferred Revenue Endowment Gifts In Kind - Donated Services Gifts In Kind -Donated Material Grant Revenue Investment Investment Income Investment Income - With Donor Restriction Salary Expense NAWDR- Reclass Out NAWODR - Reclass in Net Assets With Donor Restrictions Net Assets Without Donor Restrictions No Entry Pledges Receivable Program Expense - Education Program Expense - Research Program Expense - Awards Special Event Revenue Supporting Expense -Fundraising Supporting Expense-Administrative Supporting Expense-Professional Services Prepare journal entries based upon the following transactions for the "Just Do It" Not for profit organization. The "Just Do It" organization awarded $200,000 to students that met the exact specifications for satisfying restrictions from previously received contributions b and awarded an additional $260,000 to students that did not meet the restricted revenue criteria. All of the scholarships were scheduled to be paid the following year. c The "Just Do It" organization received $899,000 of the contributions in item (a). They wrote off the balance. Part A: Prepare in good form the following journal entries: General Journal For Month Ended September 30, 2023

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions