Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone help me figure out why it is incomplete ? The Evangelical Private School follows FASB standards of accounting and reporting. 1. Cash contributions

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Can someone help me figure out why it is incomplete ?

The Evangelical Private School follows FASB standards of accounting and reporting. 1. Cash contributions were received as follows: (a) $982,000 for any purpose desired by the school, (b) $311,000 designated by donors for salary supplements for school faculty, (c) $425,000 designated by donors to be used during the next fiscal year in any manner desired by the school, (d) $573,000 designated by donors for the construction of a new auditorium, and (e) $420,000 designated by donors to be invested permanently, with the income to be used as desired by the school. The school's policy is to record all restricted gifts as with donor restrictions and then reclassify when the restriction is lifted. 2. The school expended $360,000 of the $982,000 mentioned in 1(a) for school furniture. 3. The school expended the $289,900 for salary supplements as directed by the donor in 1(b). 4. The $425,000 in 1(c) was retained for use next year, as directed by the donor. 5. $753,000 was expended for the construction of the new auditorium. 6. The $420,000 mentioned in 1(e) was invested permanently, as directed by the donor, and in the year ended June 30, 2020, the school received interest of $19,950, none of which was expended. No Transaction Answer is not complete. General Journal Cash Contributionswithout Donor Restrictions Credit Debit 982,000 1 1a 982,000 2 1b 311,000 Cash Contributionswith Donor Restrictions 311,000 3 1c 425,000 Cash Contributionswith Donor Restrictions 425,000 4 1d 573,000 Cash Contributionswith Donor Restrictions 573,000 5 1e 420,000 Cash Contributionswith Donor Restrictions 420,000 6 02 360,000 Furniture and Equipment Cash 360,000 7 3a 289,900 Education Program Expense: Salary Supplement Expense Cash 289,900 8 3b Reclassification from Net Assets with Donor Restrictionsfor Satis 289,900 Reclassification to Net Assets without Donor Restrictionsfor S 289,900 10 5a 753,000 Buildings Cash 753,000 11 5b Reclassification from Net Assets with Donor Restrictionsfor Satis 573,000 Reclassification to Net Assets without Donor Restrictionsfor S 573,000 12 6a Investments 420,000 Cash 420,000 13 6b 19,950 Cash Interest Revenuewithout Donor Restrictions 19,950

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

Survival Audit And Calculations Manual

Authors: Dr Joseph Lee Bounds

1st Edition

1505425573, 978-1505425574

More Books

Students also viewed these Accounting questions

Question

=+a. Compute the mean of this population.

Answered: 1 week ago