The following events are for South City Shelter, a voluntary health and welfare organization that provides emergency shelter and health care for the homeless, as well as educational programs:

a.A fund-raising program for a portable medical clinic yielded cash contributions of $50,000 and pledges of $100,000.In the past, 5% of pledges have been shown to be uncollectible.

b.A note for $100,000 was signed to finance the remaining cost of the clinic.

c.The mobile clinic and support materials were purchased for $240,000.

d.A note payment of $5,000 and $1,500 in interest was paid for the note in part (c).
Required:

Record the necessary journal entries.

Question

The following events are for South City Shelter, a voluntary health and welfare organization that provides emergency shelter and health care for the homeless, as well as educational programs:
​
a.A fund-raising program for a portable medical clinic yielded cash contributions of $50,000 and pledges of $100,000.In the past, 5% of pledges have been shown to be uncollectible.​
​
b.A note for $100,000 was signed to finance the remaining cost of the clinic.​
​
c.The mobile clinic and support materials were purchased for $240,000.​
​
d.A note payment of $5,000 and $1,500 in interest was paid for the note in part (c).​
Required:
​
Record the necessary journal entries.

Quizplus · Accepted Answer

The Answer of The following events are for South City Shelter, a voluntary health and welfare organization that provides emergency shelter and health care for the homeless, as well as educational programs:
​
a.A fund-raising program for a portable medical clinic yielded cash contributions of $50,000 and pledges of $100,000.In the past, 5% of pledges have been shown to be uncollectible.​
​
b.A note for $100,000 was signed to finance the remaining cost of the clinic.​
​
c.The mobile clinic and support materials were purchased for $240,000.​
​
d.A note payment of $5,000 and $1,500 in interest was paid for the note in part (c).​
Required:
​
Record the necessary journal entries.

The Following Events Are for South City Shelter, a Voluntary