Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 2 Days Ago
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 13 Aug 2017 My Price 9.00

wealthy friends, Tom, Grant

Three wealthy friends, Tom, Grant, and Karen, each decided to donate $5,000,000 to the not-for-profit organization of their choice. Each donation was made on May 21, 2011. Prepare the entries required for each of the recipient organizations under the following scenarios.
1. Tom chose to contribute to a local voluntary health and welfare organization, and no restrictions were placed on the use of the donated resources.
a. Prepare the May 21, 2011, entry.
b. Prepare any entries necessary in 2012 if $2,300,000 of the gift is used to fi nance operating expenses.
2. Grant contributed to a local private university, and the donation was restricted to research.
a. Prepare the May 21, 2011, entry.
b. Prepare any entries necessary in 2012 if $2,300,000 of the gift is used to fi nance research expenses.
3. Karen gave to the local hospital, and the donation was restricted for construction of a fixed asset.
a. Prepare the May 21, 2011, entry.
b. Prepare any entries necessary in 2012 if $2,300,000 of the gift is used to fi nance construction costs.

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Aug 2017 08:08 PM My Price 9.00

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