Taylor Woodley spent 50 hours building a pavilion behind the office of a private not-for-profit entity. Woodley normally charges $30 per hour but did this work for free. How should the private not-for-profit entity record this? a. Increase the fund balance by $1,500 b. Increase assets and contribution revenue by $1,500. c. Increase expenses and contribution revenue by $1,500. d. Nothing should be recorded because the entity did not pay Weatherly.

Taylor Woodley spent 50 hours building a pavilion behind the office of a private not-for-profit entity. Woodley normally charges $30 per hour but did this work for free. How should the private not-for-profit entity record this? a. Increase the fund balance by $1,500 b. Increase assets and contribution revenue by $1,500. c. Increase expenses and contribution revenue by $1,500. d. Nothing should be recorded because the entity did not pay Weatherly.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 44P

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