Question
Nguyen University, a public university, pays $10,000 to an employee who serves as the director of the separate, nonprofit foundation which serves as the fundraising
Nguyen University, a public university, pays $10,000 to an employee who serves as the director of the separate, nonprofit foundation which serves as the fundraising arm of the university. According to the memorandum of understanding (MOU) between the university and the foundation, the foundation will reimburse the costs of the employee’s salary.
What journal entry will the foundation record when the university bills the foundation?
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In this scenario the foundation is being billed by the university for the employees salary whi...
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Accounting for Governmental and Nonprofit Entities
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
15th Edition
978-0256168723, 77388720, 256168725, 9780077388720, 978-007337960
