question archive For each of the independent transactions listed, indicate which accounts are needed to record the entry and whether the account will be debited or credited
For each of the independent transactions listed, indicate which accounts are needed to record the entry and whether the account will be debited or credited
Subject:AccountingPrice: Bought3
For each of the independent transactions listed, indicate which accounts are needed to record the entry and whether the account will be debited or credited. If no entry is required, select No entry required, being sure to leave no cell blank.
- No entry required
- Asset
- Revenue
- Bad debt expense
- Fundraising expense
- Program expense
- Contributions receivable
- Contributions payable
- Contribution with donor restriction
- Contribution without donor restriction
- Contribution—Unrestricted
- Contribution—Temporarily restricted
- Contribution—Permanently restricted
- Net assets released from donor restrictions out
- Net assets released from donor restrictions in
- Net assets with donor restrictions
- Net assets without donor restrictions
- Allowance for uncollectible accounts
- Management and general expense
- Liability
From the bolded list above which accounts will be debited or credited. If no transaction required, enter no entry.
Independent Transaction Debit Credit
1. A local CPA firm donated their services to perform the regular annual financial statement audit and preparation of IRS Form 990 for a not-for-profit museum.
2. Several local rotary club members used their personal vehicles to deliver meals to senior citizens for Meals on Wheels.
3. A donor contributed $2 million to a not-for-profit hospital.
4. A donor contributed $4 million to a not-for-profit university to be permanently invested.
5. $100,000 in earnings from a permanent scholarship endowment are released to fund scholarships (the scholarships have not been awarded yet).
6. A donor offers to donate $500,000 to a local mental health clinic if the clinic can raise a matching amount in the next 60 days.
7. A psychiatrist volunteers ten hours each week at a not-for-profit counseling center to assist persons with drug and alcohol addiction.
8. A museum receives a Picasso painting to add to its modern art collection. The modern art collection is held for public exhibition, is protected and cared for, and is subject to a policy that requires the proceeds of items that are sold to be used to acquire other items for the collection.
9. A local chapter of United Way receives $25,000 in cash from a donor who stipulates that the donation must go to a local drug rehabilitation half-way house.
10. A religious organization receives a donation of land valued at $750,000. The donor does not indicate how the donated land should be used.
11. A museum receives $150,000 in 20x1 from a donor who stipulates that the donated funds are to be used in 20x2 and 20x3.
12. A not-for-profit aquarium gift shop sells posters of Zelda, a popular sloth in its Caribbean exhibit.
13. A local art museum paid for television and radio announcements to request contributions.
14. A local art museum paid for brochures with general information about the museum's programs. The brochures were not printed as part of a fund drive.
