Prepare journal entries for the following transactions or events:
1. The board of trustees of Snark College voted to designate $300,000 for expansion of the student union and $90,000 for future research projects.
2. In accordance with the requirements of a bond indenture, Snark College transferred $85,000 of unrestricted funds for the accumulation of cash to retire the debt related to the construction of the Central Computer Building.
3. A governing board of a hospital designates $280,000 for the future expansion of the emergency care facilities.
4. A heart association receives pledges of $900,000 from the general public in connection with a telethon. It is estimated that 30% of the amounts pledged will not be collectible.
5. An ONNO receives the donated services of a CPA with a market value of $10,000.
6. On November 3, 2017, $75,000 was donated to a university for library acquisitions of which $50,000 was expended for this purpose during the remainder of the fiscal year.
7. On November 4, 2017, $15,000 was contributed to a voluntary health organization to be used to conduct CPR classes for the public. During the remainder of the current fiscal year $14,000 was expended for this purpose.
8. On November 5, 2017, $100,000 was contributed to a hospital for cancer research of which $90,000 was expended for this purpose during the remainder of the fiscal year.

Question

Quizplus · Accepted Answer

The Answer of Prepare journal entries for the following transactions or events:
1. The board of trustees of Snark College voted to designate $300,000 for expansion of the student union and $90,000 for future research projects.
2. In accordance with the requirements of a bond indenture, Snark College transferred $85,000 of unrestricted funds for the accumulation of cash to retire the debt related to the construction of the Central Computer Building.
3. A governing board of a hospital designates $280,000 for the future expansion of the emergency care facilities.
4. A heart association receives pledges of $900,000 from the general public in connection with a telethon. It is estimated that 30% of the amounts pledged will not be collectible.
5. An ONNO receives the donated services of a CPA with a market value of $10,000.
6. On November 3, 2017, $75,000 was donated to a university for library acquisitions of which $50,000 was expended for this purpose during the remainder of the fiscal year.
7. On November 4, 2017, $15,000 was contributed to a voluntary health organization to be used to conduct CPR classes for the public. During the remainder of the current fiscal year $14,000 was expended for this purpose.
8. On November 5, 2017, $100,000 was contributed to a hospital for cancer research of which $90,000 was expended for this purpose during the remainder of the fiscal year.

Prepare Journal Entries for the Following Transactions or Events