Question
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
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