For each of the following unrelated transactions,record the journal entry that would be made by a nongovernmental,not-for-profit organization involved in medical research.If no journal entry is recorded,explain why there is no journal entry.
a.The entity received $1,500 in cash contributions.Of that amount,$1,000 is to be used for medical research.
b.The entity received pledges of $700,000 for its endowment fund.All pledges will be collected next year.
c.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.
d.The entity paid medical research operating expenses of $5,000 that were related to restricted net assets it had received in prior years.

Question

For each of the following unrelated transactions,record the journal entry that would be made by a nongovernmental,not-for-profit organization involved in medical research.If no journal entry is recorded,explain why there is no journal entry.
a.The entity received $1,500 in cash contributions.Of that amount,$1,000 is to be used for medical research.
 b.The entity received pledges of $700,000 for its endowment fund.All pledges will be collected next year.
c.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.
d.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 For each of the following unrelated transactions,record the journal entry that would be made by a nongovernmental,not-for-profit organization involved in medical research.If no journal entry is recorded,explain why there is no journal entry.
a.The entity received $1,500 in cash contributions.Of that amount,$1,000 is to be used for medical research.
 b.The entity received pledges of $700,000 for its endowment fund.All pledges will be collected next year.
c.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.
d.The entity paid medical research operating expenses of $5,000 that were related to restricted net assets it had received in prior years.

For Each of the Following Unrelated Transactions,record the Journal Entry