Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer the following. not all journals will have entires Cash contributions were received as follows: (a) $1,113,000 for any purpose desired by the school.

please answer the following. not all journals will have entires
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Cash contributions were received as follows: (a) $1,113,000 for any purpose desired by the school. (b) $305,000 designated by donors for salary supplements for school faculty. (c) $421,000 designated by donors to be used during the next fiscal year in any manner desired by the school, (d) $610,000 designated by donors for the construction of a new auditorium, and (e) $408,000 designated by donors to be invested permanently, with the income to be used as desired by the school. The school's policy is to record all restricted gifts as with donor restrictions and then reclassify when the restriction is lifted 2. The school expended $400,000 of the $1113,000 mentioned in 1(a) for school furniture. 3. The school expended the $284,500 for salary supplements as directed by the donor in 1(b), 4. The $421,000 in 1(c) was retained for use next year, as directed by the donor. 5. $790,000 was expended for the construction of the new auditorium 5. The $408,000 mentioned in 1(e) was invested permanently, as directed by the donor, and in the year ended June 30, 2020, the school received Interest of $19,380, none of which was expended. Record Journal entries for the above transactions during the year ended June 30, 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Audit Principle 5 Powerful Steps To Align Your Life With The Laws Of Success

Authors: Jane Ann Craig

1st Edition

1732729107, 978-1732729100

More Books

Students also viewed these Accounting questions

Question

What do you need to know about your students to motivate them?

Answered: 1 week ago