Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Could you make Journal entry???? 1.Late December, office furniture costing $10,000 was purchased with operating/general fund cash 2.At the beginning of January, a local housing

Could you make Journal entry????

1.Late December, office furniture costing $10,000 was purchased with operating/general

fund cash

2.At the beginning of January, a local housing development donated office space for

WCC to use for the year. The space normally rents for $1,000 a month.

3. User fees totaling $12,000 was collected over the year. 25% of these fees are to be

used towards operations in Year 5.

4.Invoices totaling $1,000,000 were received for daily operations. Of these invoices, 80%

were paid by the end of the fiscal year.

Could you make Journal entry????

1.Late December, office furniture costing $10,000 was purchased with operating/general

fund cash

2.At the beginning of January, a local housing development donated office space for

WCC to use for the year. The space normally rents for $1,000 a month.

3. User fees totaling $12,000 was collected over the year. 25% of these fees are to be

used towards operations in Year 5.

4.Invoices totaling $1,000,000 were received for daily operations. Of these invoices, 80%

were paid by the end of the fiscal year.

5.December 31, $100,000 of the pledge receivables in point c above were collected and

no more will be collected.

5.December 31, $100,000 of the pledge receivables in point c above were collected and

no more will be collected.

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

Principles Of Financial And Managerial Accounting Volume 2

Authors: Thomas D Hubbard

3rd Edition

0873934911, 978-0873934916

More Books

Students also viewed these Accounting questions

Question

2. Identify conflict triggers in yourself and others

Answered: 1 week ago