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Prepare journal entries based upon the following transactions for Scholarships for Hoosiers Not for profit organization
Prepare journal entries based upon the following transactions for Scholarships for Hoosiers Not for profit organization. Upon completion show how to prepare a trial balance
a. The Scholarship for Hoosiers organization hosted its annual fundraiser and received $500k in contributions. Historically, they've collected 85% of what is promised
b.The Scholarship for Hoosiers organization received investments valued at $200k
c. An anonymous donor gave cash gifts of $300k indicating that the gift should be used for recipients from Tippecanoe county.
d.Scholarships for Hoosiers paid their employee salaries for the month in the amount of $18,000
e. A local CPA volunteered his time to audit the financial statements for the NFP. It took him 20 hours and his normal hourly fee is $ 100/hour.
f. Scholarships for Hoosiers awarded scholarships of $10,000 to Tippecanoe county residents and scholoarships of $60,000 to residents from other counties in Indiana
Expert Solution
|
Ref# |
Account Title |
Debit($) |
Credit($) |
|
a |
Contribution Receivable |
500,000 |
|
|
Allowance for uncollected contributions (500,000 * (100%-85%) |
75,000 |
||
|
Contribution Revenue- net assets without donor restrictions (500,000 * 85%) |
425,000 |
||
|
b |
Investments |
200,000 |
|
|
Contribution Revenue- net assets without donor restrictions |
200,000 |
||
|
c |
Cash |
300,000 |
|
|
Contribution Revenue- net assets with donor restrictions |
300,000 |
||
|
d |
Salary Expense |
18,000 |
|
|
Cash |
18,000 |
||
|
e |
Audit Expense |
2,000 |
|
|
Contribution revenue- net assets without donor restrictions |
2,000 |
||
|
f |
Reclassifications out |
10,000 |
|
|
Reclassifications in |
10,000 |
||
|
f |
Scholarship Expense |
60,000 |
|
|
Cash |
60,000 |
.
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