Chat with us, powered by LiveChat Prepare journal entries to record the following tr - Writemia

Prepare journal entries to record the following tr

Prepare journal entries to record the following transactions for a nongovernment ONPO. 1. Unrestricted cash gifts that were received last year but restricted for use in the current year totaled $50,000. 2. Unrestricted pledges of $600,000 were received. Donors specified that $450,000 of this amount was intended to finance current-year operations (even though part of those donations may not be collected until early next year). Ten percent (10%) of pledges typically prove uncollectible. 3. Pledges receivable of $480,000 were collected during the year; $7,000 of pledges were written off as uncollectible. 4. Donations of materials totaled $22,000; $5,000 of the materials were on hand at year end. 5. Membership dues of $400,000 were collected during the year. Members receive only nominal or no benefits in exchange for their dues. 6. Cash gifts to finance specific community outreach projects were received, $30,000. 7. Expenses were incurred for those specific community outreach projects salaries, $3,000; equipment rental, $15,000. Management decided to pay these costs from unrestricted (rather than restricted) resources. 8. Cash gifts restricted to finance construction of a recreation center were received, $500,000. An additional amount was pledged and is expected to be collected in full in the next fiscal year, $2,200,000. No construction costs had been incurred by year end.

Do you need an answer to this or any other questions?

About Writemia

We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.

How It Works

To make an Order you only need to click on “Place Order” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

Are there Discounts?

All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.

Hire a tutor today CLICK HERE to make your first order