Journal Entries for the following 1. A nongovernmental VHWO receives $20,000 of unconditional promises to give...

Journal Entries for the following

1. A nongovernmental VHWO receives $20,000 of unconditional promises to give with no donor-imposed restrictions. Of this amount, $14,000 is due during the current period and $6,000 is due in the next period. The organization estimates that 3 percent of the pledges will be uncollectible

2.A nongovernmental VHWO receives a $200 cash gift that is restricted for use in a project to provide immediate assistance
to qualified people with temporary hardships. Money is given to a qualified individual during the same period.

3.The Uptown Restaurant donated restaurant equipment to the Food Kitchen, a nongovernmental VHWO. The equipment
had a fair value of $6,000 and a remaining useful life of four years, with no scrap value. No restrictions were
imposed on the use of the equipment, either by the Uptown Restaurant or the Food Kitchen.

4.A donor contributed $8,000 to a homeless shelter that was restricted to the purchase of a new truck. The money
was invested in a CD that pays 5 percent interest. Accrued interest on the investment totaled $215 at year-end. The
income from the investment was also restricted for the purchase of a truck.

5.Orleans Community College assessed its students $750,000 tuition for the 2016 fall term. The college estimates
bad debts will be 1 percent of the gross assessed tuition. Orleans’s scholarship program provides for tuition waivers
totaling $65,000. Because of class cancellations, $15,000 is refunded to the students.

6.our State University received donations of $3 million in 2016 that were restricted to certain research projects on
the feasibility of growing tobacco for pharmaceutical uses. The university incurred $1.2 million of expenses on this
research in 2016.

Solutions

Expert Solution

	Step-by-Step Solution:

1	Cash	$ 20,000
	Allowances for Uncollectible Pledges		$ 600
	Unrestricted support - Conributions		$ 13,580
	Temporarily Restricted Support - Contributions		$ 5,820
	$14000 unrestricted for curret year, $6000 for the next year nd 3% uncollectible pledges estimated
2	Cash	$ 200
	Temporarily Restricted Support - Contributions		$ 200
	Gift is restricted for use in a project for immediate assisstance
3	Restaurant Equipment	$ 6,000
	Unrestricted support - Conributions		$ 6,000
	No restrictions were imposed on the use of the equipment, either by the Uptown Restaurant or the Food Kitchen.

4	Cash	$ 8,215
	Restricted Investment - CD		$ 8,000
	Accrued interst receivable		$ 215
	Investment Restricted for purchase of new truck and interest accrued by yeard-end.


5	Cash	$ 6,62,500
	Bad debts	$ 7,500
	Tuition Waivers	$ 65,000
	Refund to Students	$ 15,000
	Tution Fee for 2016 Fall term		$ 7,50,000
	Bad debts 1 % of the gross assessed tuition, tuition waivers totaling $65,000, $15,000 is refunded to the students because of class cancellations.
6	Cash	$ 18,00,000
	Research Expenses -2016	$ 12,00,000
	Restricted Support - contributions		$ 30,00,000
	State University received donations of $3 million in 2016 that were restricted to certain research projects and incurred $1.2 million of expenses on this Research

ekkarill92 answered 1 year ago

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