Question
Fruits & Veggies (F&V) is a local nonprofit that provides healthy food to children in need. F & V has a December 31st fiscal year
Fruits & Veggies (F&V) is a local nonprofit that provides healthy food to children in need. F & V has a December 31st fiscal year end. Record the journal entries for the transactions below. (Use the attached journal to record the journal entries. For the date just use the month/year)
January 2022: F & V hosted a general fundraising drive and received $150,000 of cash donations and $200,000 of promises to donate cash. F & V normally collects 95% of amounts pledged.
February 2022: F & V collected $190,000 in cash on the amount pledged in the previous transaction.
March 2022: Ed Victor donated $5,000 cash stipulating that it could be used for any purpose.
April 2022: Henry Gore donated $675,000, stipulating that the donation must be used only to purchase a building that F & V could use for their programs. May 2022: F & V received a pledge from a donor that will be made in 5 payments of $25,000. The first payment will be received in June 2022 and the remaining payments are scheduled to be received in June 2023 June 2026. The present value of the remaining payments is $86,500.
June 2022: Received the first pledge payment of $25,000.
July 2022: F & V used Howard Gores donation to purchase a building for $140,000.
August 2022: The following services were donated to F & V: Consulting services by an accounting firm: $5,000 Professional services by an advertising agency in connection with a fundraising campaign: $$3,000 Ushering services at educational meetings, provided by high school students. If paid, the services would have cost $1,000.
September 2022: F & V conducted a fundraising campaign to raise funds that will be used solely for research into the health benefits of asparagus. Donations totaled $15,000 in cash.
September 2022: Julie Lange pledged to donate $200,000 in November 2022 if F & V receives at least 200 pledges in the Halloween pledge drive. Based upon prior year experience F & V is extremely confident the organization will have a minimum of 200 pledges.
October 2022: F & V received 250 pledges in the Halloween pledge drive for a total of $225,000. F & V normally collects 95% of amounts pledged. November 2023: F & V received the $200,000 donation from Julie Lange.
December 2022: F & V has investments of $20,000 of unrestricted resources in Treasury Bills (purchased and recorded in 2021). Earnings on the Treasury Bills was $1,000 in 2022.
If you can please help me out creating a journal entry thank you!
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