Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you all help me work out the above problems, please? Can you all show me the step by step work as how you all

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Can you all help me work out the above problems, please? Can you all show me the step by step work as how you all computed and obtained the solutions/answers of every question that makes up the above requirements, please?

The Shannon Community Kitchen provides hot meals to homeless and low-income individuals and families; it is the organization's only program. It is the policy of the community kitchen to use restricted resources for which the purpose has been met before resources without donor restrictions. The kitchen had the following revenue and expense transactions during the 2020 fiscal year. 1. Cash donations without donor restrictions of $25,700 were received. A local philanthropist also contributed $3,700, which was to be used for the purchase of Thanksgiving dinner foodstuffs. 2. A local grocery store provided fresh produce with a fair value of $800. The produce was immediately used. 3. Volunteers from the local university contributed 135 hours to preparation and serving of meals. The estimated fair value of their labor was $1,450. 4. The Kitchen received a $5,700 federal grant for the purchase of institutional kitchen appliances. 5. At Thanksgiving time, the Kitchen spent $4,800 on foodstuffs for preparation of the Thanksgiving dinner. Required Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list A Cash donations without donor restrictions of $25,700 were received. A local philanthropist also contributed $3,700, which was to be used for the purchase of Thanksgiving dinner foodstuffs. B A local grocery store provided fresh produce with a fair value of $800. The produce was immediately used. C Volunteers from the local university contributed 135 hours to preparation and serving of meals. The estimated fair value of their labor was $1,450. D The Kitchen received a $5,700 federal grant for the purchase of institutional kitchen appliances. E Record the expenses paid for preparation of the Thanksgiving dinner. F Record the release of net assets from the with donor restrictions account to the without donor restrictions account. A B C D E F Cash donations without donor restrictions of $25,700 were received. A local philanthropist also contributed $3,700, which was to be used for the purchase of Thanksgiving dinner foodstuffs. Note: Enter debits before credits. General Journal Debit Credit Transaction 01 Record entry Clear entry View general journal

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

Financial Accounting Second Custom Edition For The University Of Central Florida

Authors: Walter T. Jr, Horngren Harrison

2nd Custom Edition

0536986002, 978-0536986009

More Books

Students also viewed these Accounting questions