Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Record the following transactions on the books of Hope Hospital, which follows FASB (not-for-profit) and AICPA standards. The year is 2020. (If no entry is

image text in transcribedimage text in transcribedimage text in transcribed Record the following transactions on the books of Hope Hospital, which follows FASB (not-for-profit) and AICPA standards. The year is 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Hope received $15,000 in cash from pledges made in the previous year that were unrestricted as to purpose but intended to be received and expended in 2020 . 2. Hope received $31,000 in pledges that indicated the money would be received in 2021 . The donors imposed no restrictions other than it could be used for any purpose desired by the board. 3. Hope expended $40,000 for nursing training, using $33,000 of donor restricted resources received in 2019 for that purpose. 4. On June 15, 2020, Hope was awarded a $50,000 grant for cancer research by the U.S. Department of Agriculture. During 2020 , Hope had qualified expenses under the grant totaling $35,000. This is cost reimbursement, grant. 5. Hope received $270,000 in cash. The board decided to invest the funds for future plant expansion. Journal entry worksheet (2) 3 4 5 6 7 8 11 Hope received $15,000 in cash from pledges made in the previous year that were unrestricted as to purpose but intended to be recelved and expended in 2020. Record the cash from the pledges made in the previous year: Nate: Enter debits before credits. Journal entry worksheet (2) 3 4 5 6 7 8 11 > Hope recelved $31,000 in pledges that indicated the money would be received in 2021 . The donors imposed no restrictions other than it could be used for any purpose desired by the board. Note: Enter debita before credta. Journal entry worksheet Wote: Enter debits before credits. Journal entrv worksheet Journal entry worksheet 1 3 4 5 6 7 8 11 Hope received $15,000 in cash from pledges made in the previous year that were unrestricted as to purpose but intended to be received and expended in 2020. Pecord the reclassification of the pledges received in the previeus vear. Moter Enter debits before oredits. Inurnal entru workeheet rane! ence veuns verve weurus: Journal entry worksheet 1 3 4 5 6 7 8 .... 11 On June 15, 2020, Hope was awarded a $50,000 grant for cancer research by the U.S. Department of Agriculture. Nate: Enter sebits before credits. Natei tinter sebte befture oredte. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Journal entry worksheet Journal entry worksheet Note: Enter debats before credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting And Finance For Your Small Business

Authors: Eric James Burton, Steven M Bragg

1st Edition

9780471323600

More Books

Students also viewed these Accounting questions

Question

Discuss whether self-actualization should be everyones goal.

Answered: 1 week ago

Question

Discuss the various types of policies ?

Answered: 1 week ago

Question

Briefly explain the various types of leadership ?

Answered: 1 week ago

Question

Explain the need for and importance of co-ordination?

Answered: 1 week ago

Question

Explain the contribution of Peter F. Drucker to Management .

Answered: 1 week ago