The following selected transactions occurred for a nongovernmental, not-for-profit organization. All amounts are in thousands of...

The following selected transactions occurred for a nongovernmental, not-for-profit organization. All amounts are in thousands of dollars.

1. Unrestricted cash contributions received during the year, $300.

2. Restricted cash contributions were received during the year for the following: (a) Education programs, $43; (b) Building fund, $202; and (c) Endowment, $1,000.

3. Pledges received during the year were as follows: Unrestricted, $3,000; (b) Building fund, $5,000; and (c) Endowment, $20,000. 10% of pledges receivable typically prove uncollectible. Pledges expect to be collected early in the next year.

4. A benefit concert was held to raise resources for the building fund. Receipts totaled $1,400 and direct costs incurred totaled $850.

5. Salary expenses incurred for the education programs were paid, $14.

6. Materials were purchased on account for the education programs, $25.

7. Fees paid to an architect for design of the building during the year were $92. Additionally, payments to the building contractor during the year were $110.

8. Earnings on endowment fund investments are restricted to the entity's education programs. The earnings for the year were $13.

9. Cost of materials used for education programs during the year, $32

10. Earnings on building fund investments were not restricted by donors but the board requires that they be used to finance the building. The earnings on those investments for the year were $25.

Requirement: Prepare the journal entries for the above transactions.

Expert Solution

ekkarill92 answered 1 year ago

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