Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help. I dont know which account to credit. A stock donation was received for $6000 at a Gala event and the Accounts Receivable staff
Please help. I dont know which account to credit.
A stock donation was received for $6000 at a Gala event and the Accounts Receivable staff credited the Gala Revenue account $6000 and debited the checking account $6000.
I now need to recognize the donation in our investment GL account. I know I need to debit the investment account but unsure which account I need to credit. I would think I would credit either the cash or gala revenue account but I'm unsure becuase I've never dealt with sock donaitons.
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