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Prepare journal entries based upon the following transactions for Scholarships for Hoosiers Not for profit organization. Upon completion prepare a trial balance a The Scholarship
| Prepare journal entries based upon the following transactions for Scholarships for Hoosiers Not for profit organization. Upon completion prepare a trial balance | |||||||
| a | The Scholarship for Hoosiers organization hosted its annual fundraiser and received $500k in contributions. Historically, they've collected 85% of what is promised | ||||||
| b | The Scholarship for Hoosiers organization received investments valued at $200k | ||||||
| c | An anonymous donor gave cash gifts of $300k indicating that the gift should be used for recipients from Tippecanoe county. | ||||||
| d | Scholarships for Hoosiers paid their employee salaries for the month in the amount of $18,000 | ||||||
| e | A local CPA volunteered his time to audit the financial statements for the NFP. It took him 20 hours and his normal hourly fee is $ 100/hour. | ||||||
| f | Scholarships for Hoosiers awarded scholarships of $10,000 to Tippecanoe county residents and scholoarships of $60,000 to residents from other counties in Indiana. | ||||||
| Part A: Prepare in good form the following journal entries: | Part B: Prepare a trial balance | ||||||||
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