Question
In January 2017, Kirkland University receives a pledge of $200,000 to be used exclusively to support research in a specialized area of communication disorders. The
In January 2017, Kirkland University receives a pledge of $200,000 to be used exclusively to support research in a specialized area of communication disorders. The universitys fiscal year ends on July 31. In December 2017 (the following fiscal year), Kirkland receives the pledged contribution of $200,000 and spends $150,000 on qualifying research.
1. Prepare all required journal entries to reflect the transactions descried. Indicate the type of fund in which the entries would be made. Assume instead that Kirkland is a public university and that it elects to be accounted for (i) as a government engaging exclusively in business type activities and (ii) as full service government that accounts for the contribution in a governmental fun
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started