Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Question
Chapter 15, Problem 20EP
a.
To determine
Prepare journal entries to record the transactions if the university is a private institution.
b.
To determine
Prepare journal entries to record the transactions if the university is a public institution.
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ABC corporation received P10,000,000 from the City of Caloocan in relation to defraying its research expenses in relation to COVID-19 for the next 5 years. The research expenses will be incurred by the entity as follows:
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Palestine College, a not-for-profit institution, engaged in the following transactions during its fiscal year ending June 30, 2018. Prepare appropriate journal entries, indicating the net asset category affected (with donor restrictions or without donor restrictions).
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3. The annual alumni campaign yielded $2,800,000 in pledges. The college estimated that 2 percent would be uncollectible. During the year the college collected $2,400,000 on the pledges.
Shina township's financial transaction during the year as follows,
Equipment purchased from restricted fund RO 25 million,
Paid salary to government employees RO 5 million,
Government grant RO 2 million.
The amount that should report as expenditure in its general funds is
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RO 5 million
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RO 30 million
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None of the options
d.
RO 25 million
Shina township's financial transaction during the year as follows,
Equipment purchased from restricted fund RO 25 million,
Paid salary to government employees RO 5 million,
Government grant RO 2 million.
The amount that should report as expenditure in its general funds is
a.
RO 5 million
b.
RO 30 million
c.
None of the options
d.
RO 25 million
Shina township's financial transaction during the year as follows,
Equipment purchased from restricted fund RO 25 million,
Paid salary to government employees RO 5 million,
Government grant RO 2 million.
The amount that should report as expenditure in its general funds is
a.
RO 5…
Chapter 15 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 15 - Prob. 1QCh. 15 - Prob. 2QCh. 15 - Prob. 3QCh. 15 - Prob. 4QCh. 15 - Prob. 5QCh. 15 - Prob. 6QCh. 15 - Prob. 7QCh. 15 - What is UPMIFA, and why is it important to...Ch. 15 - How can the performance of colleges and...Ch. 15 - Prob. 10Q
Ch. 15 - Prob. 12CCh. 15 - Prob. 14CCh. 15 - Prob. 15.1EPCh. 15 - Prob. 15.2EPCh. 15 - Prob. 15.3EPCh. 15 - Prob. 15.4EPCh. 15 - Prob. 15.5EPCh. 15 - Prob. 15.6EPCh. 15 - Prob. 15.7EPCh. 15 - Prob. 15.8EPCh. 15 - Prob. 15.9EPCh. 15 - Prob. 15.10EPCh. 15 - Prob. 16EPCh. 15 - Prob. 17EPCh. 15 - Prob. 18EPCh. 15 - Prob. 19EPCh. 15 - Prob. 20EPCh. 15 - Prob. 21EPCh. 15 - Prob. 22EPCh. 15 - Prob. 23EP
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