Question
In Year 1, the CUNY receives a $10,000 grant money to promote its Roof Top Green Vegetables program among Queens residents. In Year 2, the
In Year 1, the CUNY receives a $10,000 grant money to promote its Roof Top Green Vegetables program among Queens residents. In Year 2, the group spends the grant funds for the stipulated purpose.
How should expenditure of the funds be recorded at Year 2?
|
Debit Net assets released from restriction-with donor restricted fund; Credit Cash without donor restricted fund Debit Program expense-with donor restricted fund; Credit Net assets released from restriction -without donor restricted fund
| ||
|
Debit Net assets released from restriction-without donor restricted fund; Credit Cash with donor restricted fund Debit Program expense-without donor restricted fund; Credit Net assets released from restriction -with donor restricted fund
| ||
| Debit Net assets released from restriction-with donor restricted fund; Credit Cash with donor restricted fund Debit Program expense-without donor restricted fund; Credit Net assets released from restriction -without donor restricted fund
| ||
| Debit Net assets released from restriction-without donor restricted fund; Credit Cash without donor restricted fund Debit Program expense-with donor restricted fund; Credit Net assets released from restriction -with donor restricted fund |
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
Financial Accounting
Authors: Pauline Weetman
8th Edition
129224447X, 9781292244471
