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Please help with only #5 using the drop down menu journal entry names Recording journal entries for nonprofits Prepare journal entries to record the transactions.
Please help with only #5 using the drop down menu journal entry names
Recording journal entries for nonprofits Prepare journal entries to record the transactions. 1. Donor A gave a nonprofit a $50,000 cash gift in June, stipulating that the nonprofit could not use the gift until the next fiscal year. 2. Donor B gave a nonprofit a $25,000 cash gift in July, telling the nonprofit the gift could be used only for research on a specific project. 3. In response to a special fundraising campaign, whereby contributions could be used only for construction of a new warehouse, a large number of individuals promised to make cash contributions totaling $2,000,000 during the current fiscal year. The nonprofit believes it will actually collect 80 percent of the promised cash. 4. Donor C gave a nonprofit several investments having a fair value of $3,000,000 in March. Donor C stipulated that the nonprofit must hold the gift in perpetuity, but it could use the income from the gift for any purpose the trustees considered appropriate. Between March and December, the investments produced income of $100,000 5. Using the resources raised in Transaction 3, a nonprofit paid an architect $50,000 before fiscal year end to make preliminary designs for a new building. Administrative expenses Allowance for uncollectible contributions Art works held for sale Cash Construction Work-in-Progress Contribution revenue - Art without donor restrictions Contribution revenue - Support with donor restrictions Contribution revenue - Support without donor restrictions Contributions receivable Contributions receivable - Charitable remainder trust Donated services - Support without donor restrictions Investment income - Support without donor restrictions Investments Net assets with donor restrictions - Reclassifications out - Satisfaction of plant acquisition restrictions Net assets without donor restrictions - Reclassifications in - Satisfaction of plant acquisition restrictions Unrealized and realized gains and losses on investments with donor restrictions No entry required - debit No entry required - credit 1 Cash Journal En Contribution revenue - Support with donor restrictions To record donor restricted cash gift 2Cash Contribution revenue - Support with donor restrictions To record donor restricted cash gift 3 Contributions receivable Allowance for uncollectible contributions Contribution revenue - Support with donor restrictions To record fundraising campaign restricted gift pledge 4 Investments Contribution revenue - Support with donor restrictions To record investment gifts Cash Investment income - Support without donor restrictions To record investment income 5 Net assets with donor restrictions - Reclassifications out - Satisfaction of plant acquisition restrictions Net assets without donor restrictions - Reclassifications in - Satisfaction of plant acquisition restrictions To record reclassification of plant gift. Administrative expenses Cash Top pay architect costStep by Step Solution
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