Question
The Shannon Community Kitchen provides hot meals to homeless and low-income individuals and families; it is the organizations only program. It is the policy of
The Shannon Community Kitchen provides hot meals to homeless and low-income individuals and families; it is the organizations only program. It is the policy of the kitchen to use restricted resources for which the purpose has been met before resources without donor restrictions. The Kitchen had the following revenue and expense transactions during the 2023 fiscal year.
- Cash donations without donor restrictions of $26,800 were received. A philanthropist also contributed $4,800, which was to be used for the purchase of Thanksgiving dinner foodstuffs.
- A local grocery store provided fresh produce with a fair value of $1,900. The produce was immediately used.
- Volunteers from the local university contributed 190 hours to preparation and serving of meals. The estimated fair value of their labor was $2,550.
- The Kitchen received a $6,800 federal grant for the purchase of institutional kitchen appliances.
- A local foundation gave the Kitchen $7,800 to support serving hot meals next year. The money is to be returned to the foundation if the Kitchen does not serve at least 5,800 meals next year.
- At Thanksgiving time, the Kitchen spent $5,900 on foodstuffs for preparation of the Thanksgiving dinner.
Required Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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The Shannon Community Kitchen provides hot meals to homeless and low-income individuals and families; it is the organizations only program. It is the policy of the kitchen to use restricted resources for which the purpose has been met before resources without donor restrictions. The Kitchen had the following revenue and expense transactions during the 2023 fiscal year.
- Cash donations without donor restrictions of $25,000 were received. A philanthropist also contributed $3,000, which was to be used for the purchase of Thanksgiving dinner foodstuffs.
- A local grocery store provided fresh produce with a fair value of $100. The produce was immediately used.
- Volunteers from the local university contributed 100 hours to preparation and serving of meals. The estimated fair value of their labor was $750.
- The Kitchen received a $5,000 federal grant for the purchase of institutional kitchen appliances.
- A local foundation gave the Kitchen $6,000 to support serving hot meals next year. The money is to be returned to the foundation if the Kitchen does not serve at least 4,000 meals next year.
- At Thanksgiving time, the Kitchen spent $4,100 on foodstuffs for preparation of the Thanksgiving dinner.
Required Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Journal entry worksheet G Record the receipt of $26,800 cash donations without donor restrictions. A philanthropist also contributed $4,800, which was to be used for the purchase of Thanksgiving dinner foodstuffs. Note: Enter debits before credits. Journal entry worksheet Record the $1,900 fresh produce of local grocery store used. Note: Enter debits before credits. Journal entry worksheet Record the 190 hours contribution by volunteers worth $2,550 in preparation and serving of meals. Note: Enter debits before credits. Journal entry worksheet Record the $6,800 federal grant received for the purchase of institutional kitchen appliances. Note: Enter debits before credits. Journal entry worksheet Record the $7,800 received to support serving hot meals next year. The money is to be returned to the foundation if the Kitchen does not serve at least 5,800 meals next year. Note: Enter debits before credits. Journal entry worksheet Record the $5,900 paid for expenses incurred in preparation of the Thanksgiving dinner. Note: Enter debits before credits. Journal entry worksheet Record the release of net assets from the with donor restrictions account to the without donor restrictions account. Note: Enter debits before creditsStep by Step Solution
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