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Scroll down to complete all parts of this task. El, a nongovernmental NFP with a calendar year end, had the following transactions involving contributions
Scroll down to complete all parts of this task. El, a nongovernmental NFP with a calendar year end, had the following transactions involving contributions for Year 9: 1. El received cash contributions of $500,000 to be used at the board of directors' discretion. 2. A supporter, who has made similar contributions in prior periods, promised a $500,000 contribution in Year 10. The promise is legally enforceable. 3. Medical services with a fair value of $100,000 were donated. El would have purchased these services. 4. El received $350,000 of pledges restricted for capital additions. All pledges are legally enforceable and are expected to be received in Year 10. El's experience indicates that 10% of the pledges will be uncollectible. 5. El received a $700,000 donor-restricted endowment during the year from a donor who required the income and investment appreciation to be used to maintain El's barns and stables in perpetuity. Based on the information provided, select from the option list provided the appropriate accounts to debit and credit for the described transactions. Each choice may be used once, more than once, or not at all. If no entry is necessary for a column, select "No entry necessary." Transaction Debit Credit 1 Credit 2 perpetuity. Based on the information provided, select from the option list provided the appropriate accounts to debit and credit for the described transactions. Each choice may be used once, more than once, or not at all. If no entry is necessary for a column, select "No entry necessary." Transaction Debit Credit 1 Credit 2 Contributions 1. Cash No entry necessary receivable 2. No entry necessary No entry necessary No entry necessary Contributions 3. Expenses No entry necessary 4. Endowment receivable Allowance for uncollectible contributions 5. Cash Contributions receivable Endowment No entry necessary
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