1. Your organization has received the benefit of several volunteer/in kind contributions over the course of the year. For each of the following determine the appropriate REQUIRED journal entry, or explain why one is not required.
2. A marketing firm developed an advertising campaign for your organization. The FMV of these services was $22,000. They charged $5,000.
3. A lawyer reviewed the marketing campaign for legal compliance at no cost. When asked he indicates he would have charged $1,050 for these services.
4. A printing company donated materials worth $2,500 for the campaign.
5. Volunteers posted the printed materials all over your town. This group of volunteers would have cost your organization $650 if paid prevailing wages.
6. A state university rents space on a one-year basis from a local township. The university has a significant number of students in this space, and if the space were no longer made available to the university there are no back-up plans for space.
7. What concerns might this propose when you evaluate the risks of paying back long-term debt.
8. How might this concern be different if the university were a private not-for profit, instead of a state sponsored school?
9. Prepare journal entries for the following transactions related to a hospital unit:
10. Uninsured patients were billed $200,000 for services. Of this amount, $80,000 is unlikely to be collected.
11. Insured patients were billed $400,000 for services. Of this amount the insurance companies will not pay $75,000 due o contract terms.
12. They provided $21,000 of charity care