The following are selected transactions for HELP-ON-US, an NFPO for 2014. On January 1, the organization purchased fixed assets at a cost of $10,000. The assets were estimated to have a useful life of 5 years with no residual value. Straight-line amortization is used. Assuming that the assets were purchased from unrestricted fund sources, prepare the required journal entries for 2014, indicating the fund or funds to be used.

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The Answer of The following are selected transactions for HELP-ON-US, an NFPO for 2014. On January 1, the organization purchased fixed assets at a cost of $10,000. The assets were estimated to have a useful life of 5 years with no residual value. Straight-line amortization is used. Assuming that the assets were purchased from unrestricted fund sources, prepare the required journal entries for 2014, indicating the fund or funds to be used.

The Following Are Selected Transactions for HELP-ON-US, an NFPO for 2014