Martha Engel started up a new nonprofit organization

named Concern for Animal Shelter and Habitats

$($CASH$).$ The organization places homeless animals

in permanent homes. Transactions during the first

month of operations were as follows:

$1.$ CASH borrowed $$50,000$ from a local bank. No

interest is due on the loan during the first month,

$9-15.$ What is the difference in the way that bonds

are reported by for$-$profit and not$-$for$-$profit

organizations$?$

$9-16.$ Distinguish between the Titanic and a sinking fund $.$

$9-17.$ Why must financial disclosure include the cost,

accumulated depreciation, and net value of fixed

assets?

$9-18.$ What requirements must be met to record an asset?

$9-19.$ When can liabilities be recorded?

$9-20.$ What is a journal?

$9-21.$ What is meant by double$-$entry accounting?

$9-22.$ What are debits and credits?

and the principal does not have to be paid back

for $2$ years.

$2.$ CASH signed a contract with a local carpenter

to build a fence to enclose the back yard. The

carpenter charges $$250$ per hour and expects the

fence to take $10$ hours to complete. He expects to

begin work next month.

$3.$ CASH bought $50$ bags of dog food and $25$ bags of

cat food. Dog food costs $$20$ per bag, while cat

food costs $$30$ per bag. The pet food was bought on

credit $($i$.$e$.,$ CASH has not yet paid for the supplies$).$

$4.$ CASH bought a sign to hang in front of its

building. The sign cost $$5,000$ and CASH paid for

it when it was received.

$5.$ CASH purchased and received an office computer,

server, printer, and copier. The total cost of the

equipment was $$10,000,$ half of which was paid

and the other half was still owed.

$6.$ Show the impact of these transactions on the

fundamental equation of accounting. $($Optional:

Show journal entries using debits and credits. See

Appendix $9-$A$.)$