Required:

Record the following transactions on the books of Hope Hospital, which follow FASB $($not$-$for$-$profit$)$ and AICPA standards. The year is $2024.$

Note: If no entry is required for a transaction or event, select $"$No Journal Entry Required" in the first account field.

Hope received $$27,000$ in cash from pledges made in the previous year that were unrestricted as to purpose but intended to be received and expended in $2024.$

Hope received $$31,000$ in pledges that indicated the money would be received in $2025.$ The donors imposed no restrictions other than it could be used for any purpose desired by the board.

Hope expended $$40,000$ for nursing training, using $$25,000$ of donor$-$restricted resources received in $2023$ for that purpose.

On June $15,2024,$ Hope was awarded a $$50,000$ grant for cancer research by the U$.$S$.$ Department of Agriculture. During $2024,$ Hope had qualified expenses under the grant totaling $$42,000.$ This is a cost reimbursement grant.

Hope received $$150,000$ in cash. The board decided to invest the funds for future plant expansion.

View transaction list

Journal entry worksheet

A

B $C$

D

F

G

H

Record the cash made from the pledges in the previous year. Hope received $$27,000$ in cash from pledges made in the previous year that were unrestricted as to purpose but intended to be received and expended in $2024.$

Note: Enter debits before credits.

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