Carousel Clothes is a voluntary health and welfare organization that provides gently-used second-hand clothes to those in need.They had the following transactions in 2014.
1.Cash gifts were received in the amount of $60,000,of which $13,000 had been pledged in the prior year.
2.Pledges made in the current year but not yet fulfilled amounted to $39,000.Ten percent of the pledges typically prove to be uncollectible.Pledges are made for 2014.
3.An office supply company donates office furniture to the VHWO.The fair value of the furniture is $40,000.No restrictions were placed on the donation.
4.The following expenses were incurred and paid: director's salary,$15,000; facility rental,$18,000; cleaning and repair costs for clothes,$29,000; and purchase of supplies consumed in tagging and distribution of clothes,$5,000.The director's salary is categorized as Support Services and the rest of the costs are Program Services.
5.Restricted pledges were received during the year for $450,000.The pledges are restricted for the construction of a new facility.
Required:
Prepare the journal entries for Carousel for 2014.

Question

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The Answer of Carousel Clothes is a voluntary health and welfare organization that provides gently-used second-hand clothes to those in need.They had the following transactions in 2014.
1.Cash gifts were received in the amount of $60,000,of which $13,000 had been pledged in the prior year.
2.Pledges made in the current year but not yet fulfilled amounted to $39,000.Ten percent of the pledges typically prove to be uncollectible.Pledges are made for 2014.
3.An office supply company donates office furniture to the VHWO.The fair value of the furniture is $40,000.No restrictions were placed on the donation.
4.The following expenses were incurred and paid: director's salary,$15,000; facility rental,$18,000; cleaning and repair costs for clothes,$29,000; and purchase of supplies consumed in tagging and distribution of clothes,$5,000.The director's salary is categorized as Support Services and the rest of the costs are Program Services.
5.Restricted pledges were received during the year for $450,000.The pledges are restricted for the construction of a new facility.
Required:
Prepare the journal entries for Carousel for 2014.

Carousel Clothes Is a Voluntary Health and Welfare Organization That