Chat with AI
Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng
Edition 11ISBN: 978-0538480284Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng
Edition 11ISBN: 978-0538480284 Exercise 6
VHWO, journal entries. Record the following events of Mental Health Clinic, a VHWO:
1. A contribution of $20,000 was received and is to be used for the purchase of equipment, but not until an addition to the building is constructed. Construction has begun on the building.
2. Equipment costing $17,000, with a book value of $8,000, was sold for $10,000. The gain is unrestricted.
3. Depreciation of $9,000 is recorded on various plant items.
4. Equipment was purchased for $18,000, with payment due in 30 days from donor-restricted resources. Mental Health Clinic elects to release the donor restriction upon acquisition of the equipment.
5. The liability for the equipment purchased in item (4) was paid.
1. A contribution of $20,000 was received and is to be used for the purchase of equipment, but not until an addition to the building is constructed. Construction has begun on the building.
2. Equipment costing $17,000, with a book value of $8,000, was sold for $10,000. The gain is unrestricted.
3. Depreciation of $9,000 is recorded on various plant items.
4. Equipment was purchased for $18,000, with payment due in 30 days from donor-restricted resources. Mental Health Clinic elects to release the donor restriction upon acquisition of the equipment.
5. The liability for the equipment purchased in item (4) was paid.
Explanation
Verified
Verified
2. Equipment costing $17,000, with a boo...
Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
