Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik

تمرين 44

A voluntary health and welfare organization 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 organization record receipt and distribution of this donation
a.Make no entry.
b.Record a contribution of $2,100 and community assistance expense of $2,100.
c.Recognize revenue of 52,100.
d.Recognize revenue of $2,100 and community expenditures of 52,100.