Journal entries for a Private-Purpose Trust Fund Record the following journal entries in the Children's Book Fund, a city's Private-Purpose Trust Fund that supplies books for children in nongovernmental nonprofit women's shelters. 1. A citizen donated $500,000 to a Private-Purpose Trust Fund. The trust specified that this money was to be used to acquire children's books for women's shelters. 2. The fund invested $420,000 in CDs. 3. Books costing $45,000 were acquired. 4. Interest income of $20,000 was received in cash from the CDs. 5. The accounts were closed for the year Ref Description Debit Credit 5 Additions-donations Net position