Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Williams University, a private, nonprofit university, relies upon contributions of supplies, books, and computer equipment to run its accounting tutoring lab. During the current fiscal

Williams University, a private, nonprofit university, relies upon contributions of supplies, books, and computer equipment to run its accounting tutoring lab. During the current fiscal year, Williams receives supplies and books with a fair value of $60,000 and computer equipment with a fair value of $120,000 from alumni donors. Donors do not place restrictions on how the supplies and computers must be used. 1. Record the journal entry for the gift. Enter accounts in order of magnitude (largest to smallest amounts), debits first. If no adjustment is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields.

Account Debit Credit
To record the contribution

2. How would the gift be recorded if Williams University were a public university? 3. If the donation had instead been for donated tutoring serivces, how would the gift be recognized by a public or privatge, nonprofit university?

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

Fundamental Cornerstones Of Managerial Accounting

Authors: Dan L. Heitger, Maryanne M. Mowen, Don R. Hansen

1st Edition

0324378068, 9780324378061

More Books

Students also viewed these Accounting questions

Question

What is the relation between a strategy and an objective?

Answered: 1 week ago