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. Prepare journal entries for these transactions, using the deferred contribution method, assuming that the assets were purchased using restricted funds in the amount of $11,000.

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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. Prepare journal entries for these transactions, using the deferred contribution method, assuming that the assets were purchased using restricted funds in the amount of $11,000.

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