Record the journal entry that would be made by a nongovernmental, not-for-profit organization involved in medical research. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
1. The entity received $1,500 in cash contributions. Of that amount, $1,000 is to be used for medical research.
2. The entity received pledges of $700,000 for its endowment fund. All pledges will be collected next year.
3. The entity received donated services of $1,200 from medical researchers who helped with the entity's on-going drug development research. It also received $300 in donated services from students, who helped clean the research facilities.
4. The entity paid medical research operating expenses of $5,000 that were related to restricted net assets it had received in prior years.

Question

Record the journal entry that would be made by a nongovernmental, not-for-profit organization involved in medical research. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 
1. The entity received $1,500 in cash contributions. Of that amount, $1,000 is to be used for medical research.
2. The entity received pledges of $700,000 for its endowment fund. All pledges will be collected next year.
3. The entity received donated services of $1,200 from medical researchers who helped with the entity's on-going drug development research. It also received $300 in donated services from students, who helped clean the research facilities.
4. The entity paid medical research operating expenses of $5,000 that were related to restricted net assets it had received in prior years.

Quizplus · Accepted Answer

The Answer of Record the journal entry that would be made by a nongovernmental, not-for-profit organization involved in medical research. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 
1. The entity received $1,500 in cash contributions. Of that amount, $1,000 is to be used for medical research.
2. The entity received pledges of $700,000 for its endowment fund. All pledges will be collected next year.
3. The entity received donated services of $1,200 from medical researchers who helped with the entity's on-going drug development research. It also received $300 in donated services from students, who helped clean the research facilities.
4. The entity paid medical research operating expenses of $5,000 that were related to restricted net assets it had received in prior years.

Record the Journal Entry That Would Be Made by a Nongovernmental