On October 10, 2016, a national voluntary health help foundation was the recipient of a telethon sponsored by a renowned celebrity. Phone donations totaling $8,500,000 were promised. Based on historical information, 15% of these pledges are expected to be uncollectible. Of these pledges, $7,100,000 were collected in 2017; the remainder were considered uncollectible.
Required:
Identify the proper fund and prepare the journal entries necessary in 2016 and 2017.

Question

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The Answer of On October 10, 2016, a national voluntary health help foundation was the recipient of a telethon sponsored by a renowned celebrity. Phone donations totaling $8,500,000 were promised. Based on historical information, 15% of these pledges are expected to be uncollectible. Of these pledges, $7,100,000 were collected in 2017; the remainder were considered uncollectible.
Required:
Identify the proper fund and prepare the journal entries necessary in 2016 and 2017.

On October 10, 2016, a National Voluntary Health Help Foundation