Question
Please help with journal entries to record the transactions and please show the calculation: The COVID-24 Food Kitchen provides hot meals to homeless and low-income
Please help with journal entries to record the transactions and please show the calculation:
The COVID-24 Food Kitchen provides hot meals to homeless and low-income individuals and families. It is the policy of the Food Kitchen to use restricted resources for which the purpose has been met before resources without donor restrictions. The COVID-24 Food Kitchen had the following revenue and expense transactions during 20X1.
1. The Food Kitchen received a $10,000 federal grant for the purchase of institutional kitchen equipment.
2. A local grocery store donated fresh produce with a fair value of $250. The food was used immediately.
3. Volunteers from a local civic group donated 150 hours to prepare and serve meals. The estimated fair market value of the labor was $1,200.
4. A local philanthropist donated $3,500 which was to be used for the purchase of food for Thanksgiving dinner.
5. The Food Kitchen received $30,000 in cash donations without restrictions.
6. The kitchen spent $5,200 on food for the preparation of the Thanksgiving dinner.
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