Hampden Soccer Association, a private NFP organization, receives the following donations during the year:
1) Supplies with a market value of $7,000 were received from a local sporting goods store.
2) Volunteers prepared the soccer fields for summer play. The fair value of their time was $4,000.
3) A CPA contributed services valued at $2,000 to prepare Form 990.
4) A contractor contributed services valued at $10,000 to build a new picnic area.
Required
Prepare journal entries to record the events described for the current year. If an account affects net assets, indicate which category of net assets is affected. Use N/A to indicate if no entry is appropriate.

Question

Quizplus · Accepted Answer

The Answer of Hampden Soccer Association, a private NFP organization, receives the following donations during the year:
1) Supplies with a market value of $7,000 were received from a local sporting goods store.
2) Volunteers prepared the soccer fields for summer play. The fair value of their time was $4,000.
3) A CPA contributed services valued at $2,000 to prepare Form 990.
4) A contractor contributed services valued at $10,000 to build a new picnic area.
Required
Prepare journal entries to record the events described for the current year. If an account affects net assets, indicate which category of net assets is affected. Use N/A to indicate if no entry is appropriate.

Hampden Soccer Association, a Private NFP Organization, Receives the Following