United Charities’ annual fund-raising drive in 2016 raised pledges of $1,200,000 of which $800,000 were collected in 2016 and $200,000 were collected in 2017. United Charities estimates $150,000 of the remaining pledges will never be collected.

-In a prior year, United Charities received a $125,000 gift to be used to acquire vans to provide transportation for physically challenged adults. During the current year, United acquired two vans at a cost of $75,000 each. The appropriate entry(ies) to record the acquisition is

Question

United Charities’ annual fund-raising drive in 2016 raised pledges of $1,200,000 of which $800,000 were collected in 2016 and $200,000 were collected in 2017.  United Charities estimates $150,000 of the remaining pledges will never be collected.

-In a prior year, United Charities received a $125,000 gift to be used to acquire vans to provide transportation for physically challenged adults. During the current year, United acquired two vans at a cost of $75,000 each. The appropriate entry(ies) to record the acquisition is

Quizplus · Accepted Answer

The Answer of United Charities’ annual fund-raising drive in 2016 raised pledges of $1,200,000 of which $800,000 were collected in 2016 and $200,000 were collected in 2017.  United Charities estimates $150,000 of the remaining pledges will never be collected.

-In a prior year, United Charities received a $125,000 gift to be used to acquire vans to provide transportation for physically challenged adults. During the current year, United acquired two vans at a cost of $75,000 each. The appropriate entry(ies) to record the acquisition is

United Charities’ Annual Fund-Raising Drive in 2016 Raised Pledges of $1,200,000