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pls give explanations An International Children's charity collects donations, which are used to buy clothing and toys for children in need. The charity records donations
pls give explanations
An International Children's charity collects donations, which are used to buy clothing and toys for children in need. The charity records donations of cash and other items as Donations Revenue when received. a. Received $5,350 In cash and checks from a door-to-door campaign. b. Incurred and paid $1,850 cash for employee wages this month. c. Pald $650 cash on a short-term loan from the bank (Ignore Interest). d. Bought $5,950 worth of new toy supplies from a large toy manufacturer, paying $2,850 cash and signing a short-term note for $3,100. e. The manufacturer generously donated an additional $4,080 of toy supplies. Required: 1. Prepare journal entries for the above transactions, which occurred during a recent month. 2. Determine the charity's preliminary net Income. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries for the above transactions, which occurred during a recent month. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the donation made by the manufacturer of an additional $4,080 of toy supplies. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the charity's preliminary net income. Preliminary Net IncomeStep by Step Solution
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