Question
REQUIRED: Record the journal entry that would be made by a nongovernmental, not-for-profit organization involved in medical research. (If no entry is required for a
REQUIRED: Record the journal entry that would be made by a nongovernmental, not-for-profit organization involved in medical research. (If no entry is required for a transaction/event, indicate "No Journal Entry Required")
A. The entity received $1,500 in cash contributions. Of that amount, $1,000 is to be used for medical research.
B. The entity received pledges of $700,000 for its endowment fund. All pledges will be collected next year.
C. The entity received donated services of $1,200 from medical researchers who helped with the entity's on-going drug development research. It also received $300 in donated services from students, who helped clean the research facilities.
D. The entity paid medical research operating expenses of $5,000 that were related to restricted net assets it had received in prior years.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started