Answered: Donated $250 to the local amateur…

Donated $250 to the local amateur hockey club for their end-of-season banquet. What would be the correct entry into the General Journal?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 8DQ

See similar textbooks

Similar questions

Prepare journal entries to record the transactions.1. Donor A gave a nonprofit a $55,000 cash gift in June, stipulating that the nonprofit could not use the gift until the next fiscal year.2. Donor B gave a nonprofit a $27,500 cash gift in July, telling the nonprofit the gift could be used only for research on a specific project.3. In response to a special fundraising campaign, whereby contributions could be used only for construction of a new warehouse, a large number of individualspromised to make cash contributions totaling $2,200,000 during the current fiscal year. The nonprofit believes it will actually collect 80 percent of the promised cash.4. Donor C gave a nonprofit several investments having a fair value of $3,300,000 in March. Donor C stipulated that the nonprofit must hold the gift in perpetuity,but it could use the income from the gift for any purpose the trustees considered appropriate. Between March and December, the investments produced income of $110,0005. Using the…
Mulroy Inc. is a company that owns 5 car dealerships. On October 25, 2021 the owner, Jack Mulroy pledged to contribute a new Ford Explorer to a local charity’s raffle for their annual fundraiser. The fundraiser will be held on November 30, 2021 at which time the car will be delivered to the winner of the raffle. Mulroy, Inc. delivered the Ford Explorer as pledged to the winner on November 30, 2021. The accountant for Mulroy is unsure if the Contribution should be recognized as an expense in October when the pledge was made or in November when the car was delivered. Accounting Issue: When should Mulroy recognize the contribution? Your Interpretation of the Guidance: Mulroy Inc. should recognize the contribution in October 2021 November 2021
PLEASE HELP WITH THE ACCOUNTS FOLLOWED BY THE RED "X" (SEE IMAGE) Prepare journal entries to record the following transactions. 1. Donor A gave the nonprofit a cash gift of $50,000 in June 2019, telling the nonprofit the gift could not be used until 2020. (Identify the affected net asset classification(s) in the journal entries made both in June 2019 and at the start of 2020.) 2. Attorney Howard Gorman volunteered his services to Taconic Singers, a nonprofit. He spent 12 hours preparing contracts for the services of professional singers and 8 hours serving as an usher before performances. Gorman normally gets $200 an hour for legal services, and Taconic normally pays $8 an hour when it hires ushers. 3. Donor B sent a letter to a nonprofit, saying she would donate $20,000 in cash to the nonprofit, to be used for any purpose the nonprofit’s trustees desired, provided the nonprofit raised an equal amount of cash from other donors. 4. Regarding the previous transaction, the nonprofit…
Gerald Inc. of Session opens a sales agency in Julia and a working fund of ₱100,000 isestablished on imprest basis. The first payment from the fund is ₱5,000 for rent of thestore space. What is the entry in the books of the home office to record the payment ofrent by the agency?
Accounting In 2021 Ron and Hermione made the following contributions to the following organizations. Category Charity Property Cost FMV Goodwill Clothes and misc. household items (several years old) $25,700 $5,350 Hogwarts Museum Coin Collection $12,500 $30,900 Ron and Hermione’s best friends whose house burned down Cash $3,500 $3,500 Salvation Army Cash $15,700 $15,700 Toys for Tots New toys $6,500 $6,500 Henry Ford Hospital Rigor stock (held 3 years) $22,000 $10,000 Wayne State University Exxon Mobil Stock (held 5 years) $26,900 $69,500 High School Stock (held 6 months) 6,500 10,000 Wayne State University Cash 13,000 $13,000 Determine the contribution category for each of these contributions – assuming that the Hogwarts Museum plans to display the coin collection in the museum – and place in the column above. Determine Ron and Hermione’s maximum…
Thirty years ago, a group of civic-minded merchants in Mayfair organized the ‘‘Committee of 100’’ for the purpose of establishing the Mayfair Sports Club, a not-for-profit sports organization for local youth. Each of the committee’s 100 members contributed $1,000 toward the club’s capital. In addition, each participant agreed to pay dues of $200 a year for the club’s operations. All dues have been collected in full by the end of each fiscal year, which ends on March 31. Members who have discontinued their participation have been replaced by an equal number of new members by transferring the participation certificates from the former members to the new ones.Following are the Club’s trial balances at April 1, 2018: Debit CreditCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,000Investments (at market value, equal to cost) . . . . . 88,000Inventories .…
A voluntary health and welfare entity receives a gift of new furniture having a fair value of $2,100. The group then gives the furniture to needy families following a flood. How should the charity record receipt and distribution of this donation? Choose the correct.a. Make no entry.b. Record contributed support of $2,100 and community assistance expense of $2,100.c. Recognize revenue of $2,100.d. Recognize contributed support of $2,100 and community expenditures of $2,100.
Seniors Moving, a non-profit, had the following: contributions of $200,000; stamps and paper to send to donors to request more money, $20,000; salaries for case works that help senior citizens (for Seniors Moving's mission), $150,000; various gifts to donors, $30,000. What amount would be program expenses? Would Senior Movers have to show information in a separate statement of functional expenses (yes), or could show program/support in another report (No)? 1. 200,000, Yes 2. 150,000, No 3. 200,000, No 4. 150,000, Yes
In July 2022, a donor promises to donate $100,000 in cash to an NFP organization if the local NFP can raise the same amount ($100,000) from other donors by December 2022. How much revenue (if any) should the NFP recognize in July 2022? (do not use $ signs, commas or decimals in your answer) In July 2022, a donor promises to donate $100,000 in cash to an NFP organization on December 1, 2022. How much revenue (if any) should the NFP recognize in July 2022? (do not use $ signs, commas or decimals in your answer)
Create a transaction report for the following February transactions for the Access to Learning nonprofif organization: - On Feb 1, the nonprofit paid $20,000 in salaries. - On Feb 2, the nonprofit used $5,000 in cash to pay down its accounts payable by that amount. - On Feb5, the nonprofit received $5,000 in cash from a foundation, and that donation had previously been recorded in accounts receivable. - On Feb 10, the executive director talked to a foundation program officer who said that the foundation would be giving a $25000 grant to the nonprofit within the next 2 months. - On Feb 15, the nonprofit incurred another $1,000 in salaries payable. - On Feb 20, the nonprofit received $5,000 in cash from pledges. - On Feb 22, the nonprofit received a second payment of $10,000 from the $50,000 foundation grant. - On Feb 23, the nonprofit conducted the workshops that were paid for in Jan ($10,000), and payment had been recorded as deferred revenue. - On Feb 24, the nonprofit made a mortgage…
A voluntary health and welfare entity receives a gift of new furniture having a fair value of $2,100. The group then gives the furniture to needy families following a flood. How should the charity record receipt and distribution of this donation? Make no entry. Record contributed support of $2,100 and community assistance expense of $2,100. Recognize revenue of $2,100. Recognize contributed support of $2,100 and community expenditures of $2,100.
A professional tennis player from a city donated $1,500,000 for the maintenance and upkeep of the municipal tennis courts. The city can only use the earnings on the money for the upkeep. The donation would be recorded where?