Rapitown Arts Council provides financial support to a number of independent fine-art projects in the city. Data concerning several events follow:
a.During 20X5, a fund-raising drive yielded $100,000 in cash and $25,000 in pledges.
b.Based on past experience, 10% of the pledges are estimated to be uncollectible.
c.A July 4 art fair yielded $20,000 in gross revenue. The proceeds of the fair are considered unrestricted. The cost of the program was $8,000, paid in cash.
d.$22,000 of the pledges mentioned in part (a) are collected during the year.
e.The following expenses were paid: Required:Make the necessary entries to record the transactions.

Question

Rapitown Arts Council provides financial support to a number of independent fine-art projects in the city. Data concerning several events follow:
a.During 20X5, a fund-raising drive yielded $100,000 in cash and $25,000 in pledges.
b.Based on past experience, 10% of the pledges are estimated to be uncollectible.
c.A July 4 art fair yielded $20,000 in gross revenue. The proceeds of the fair are considered unrestricted. The cost of the program was $8,000, paid in cash.
d.$22,000 of the pledges mentioned in part (a) are collected during the year.
e.The following expenses were paid:  Required:Make the necessary entries to record the transactions.

Quizplus · Accepted Answer

The Answer of Rapitown Arts Council provides financial support to a number of independent fine-art projects in the city. Data concerning several events follow:
a.During 20X5, a fund-raising drive yielded $100,000 in cash and $25,000 in pledges.
b.Based on past experience, 10% of the pledges are estimated to be uncollectible.
c.A July 4 art fair yielded $20,000 in gross revenue. The proceeds of the fair are considered unrestricted. The cost of the program was $8,000, paid in cash.
d.$22,000 of the pledges mentioned in part (a) are collected during the year.
e.The following expenses were paid:  Required:Make the necessary entries to record the transactions.

Rapitown Arts Council Provides Financial Support to a Number of Independent