2 The Master Minds institute is a nongovernmental not-for-profit organization that provides free education to poor...

2 The Master Minds institute is a nongovernmental not-for-profit organization that provides free education to poor in a large metropolitan area. Record the following transactions in the accounts of Master Minds. (

1. Cash gifts that were received last year, but designated for use in the current year, totaled $54,000. The cash was used in the current year for expenses.

2. Unrestricted pledges of $75,000 were received. Twenty percent of pledges typically prove uncollectible.

3. Donations of food totaled $95,000. The inventory of food on hand decreased by $2,200 during the year.

4. Restricted pledges of $250,000 were received during the year. The pledges are restricted for use in constructing a new kitchen and dining hall. Of the pledges received, 10 percent is expected to be uncollectible.

5. A donor gives Master Minds $1,000 that is restricted for a playground project.

6. Master Minds purchases supplies for the playground project for $750.

7. Master mind purchased equipment costing $7,500. The equipment was financed by $4,500 from contributions with donor-imposed restrictions that were accumulated for the purchase of the equipment and $3,000 from general resources.

Expert Solution

ekkarill92 answered 2 years ago

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