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Can anyone help me with transactions 1-6? I am required to complete the highlighted areas. Adapted from Govemment and Not-for-Profit Accounting: Concepts & Practices, 9
Can anyone help me with transactions 1-6? I am required to complete the highlighted areas.
Adapted from Govemment and Not-for-Profit Accounting: Concepts \& Practices, 9 th edition, by Granof, Khumawala, and Calabrese, Wiley Publishing Transaction 1: CGWO recelves $1,500,000 in cash assoctiled whth a donor-restricted pledge made in the prior year. As this point, el restrictions have been deemed to heve been met. Therefore, in addion to the entry to record the emh, you whoudd iso recognize the nel ansela released from restricton Transactien 2 : CGWO recelves $474,906.25 in eanh reiated to grants rece Nuble. Trensection 3 : Cowo receives virious canh centributions, pledges, and in-kind eontrbutions. The foliowing table presents Evise contrbutons: Thet in-kind contributions represent donotions of services by ticensedprofessionala. Thase services would hake otherwise been purdiased and should therdore resut in an expense for profesaiond services reluted lo management and generail actevities of the organetasion. Trunsection 4: CGWO recsives total prat revinues of $4.048,455 a state frant of 5195,009 and the hatance from federa grants. There are no restrictions mnocided with the grants. tramactime 4 Trangacfion 5. CCWO rechived cash paymente at 582,057 .50 for menberakip dum and 5377,996.25 for peggram service foes. Transaction 6: the ohe associrled with in endowment Adapted from Govemment and Not-for-Profit Accounting: Concepts \& Practices, 9 th edition, by Granof, Khumawala, and Calabrese, Wiley Publishing Transaction 1: CGWO recelves $1,500,000 in cash assoctiled whth a donor-restricted pledge made in the prior year. As this point, el restrictions have been deemed to heve been met. Therefore, in addion to the entry to record the emh, you whoudd iso recognize the nel ansela released from restricton Transactien 2 : CGWO recelves $474,906.25 in eanh reiated to grants rece Nuble. Trensection 3 : Cowo receives virious canh centributions, pledges, and in-kind eontrbutions. The foliowing table presents Evise contrbutons: Thet in-kind contributions represent donotions of services by ticensedprofessionala. Thase services would hake otherwise been purdiased and should therdore resut in an expense for profesaiond services reluted lo management and generail actevities of the organetasion. Trunsection 4: CGWO recsives total prat revinues of $4.048,455 a state frant of 5195,009 and the hatance from federa grants. There are no restrictions mnocided with the grants. tramactime 4 Trangacfion 5. CCWO rechived cash paymente at 582,057 .50 for menberakip dum and 5377,996.25 for peggram service foes. Transaction 6: the ohe associrled with in endowment Step by Step Solution
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