Rapitown Arts Council provides financial support to a number of independent fine-art projects in the city.Data concerning several events follow:
?
a.During 2015, a fund-raising drive yielded $100,000 in cash and $25,000 in pledges.?
?
b.Based on past experience, 10% of the pledges are estimated to be uncollectible.?
?
c.A July 4 art fair yielded $20,000 in gross revenue.The proceeds of the fair are considered unrestricted.The cost of the program was $8,000, paid in cash.?
?
d.$22,000 of the pledges mentioned in part (a) are collected during the year.?
?
e.The following expenses were paid:
?$$\begin{array} { l r }
\text { Director's salary } & \$ 12,000 \
\text { Rent expense } & 6,000 \
\text { Postage } & 1,500 \
\text { Conference expenses } & 2,000
\end{array}$$
?
Required:
?
Make the necessary entries to record the transactions.?

Question

Rapitown Arts Council provides financial support to a number of independent fine-art projects in the city.Data concerning several events follow:
?
a.During 2015, a fund-raising drive yielded $100,000 in cash and $25,000 in pledges.?
?
b.Based on past experience, 10% of the pledges are estimated to be uncollectible.?
?
c.A July 4 art fair yielded $20,000 in gross revenue.The proceeds of the fair are considered unrestricted.The cost of the program was $8,000, paid in cash.?
?
d.$22,000 of the pledges mentioned in part (a) are collected during the year.?
?
e.The following expenses were paid:
?$$\begin{array} { l r } 
\text { Director's salary } & \$ 12,000 \
\text { Rent expense } & 6,000 \
\text { Postage } & 1,500 \
\text { Conference expenses } & 2,000
\end{array}$$
?
Required:
?
Make the necessary entries to record the transactions.?

Quizplus · Accepted Answer

The Answer of Rapitown Arts Council provides financial support to a number of independent fine-art projects in the city.Data concerning several events follow:
?
a.During 2015, a fund-raising drive yielded $100,000 in cash and $25,000 in pledges.?
?
b.Based on past experience, 10% of the pledges are estimated to be uncollectible.?
?
c.A July 4 art fair yielded $20,000 in gross revenue.The proceeds of the fair are considered unrestricted.The cost of the program was $8,000, paid in cash.?
?
d.$22,000 of the pledges mentioned in part (a) are collected during the year.?
?
e.The following expenses were paid:
?$$\begin{array} { l r } 
\text { Director's salary } & \$ 12,000 \
\text { Rent expense } & 6,000 \
\text { Postage } & 1,500 \
\text { Conference expenses } & 2,000
\end{array}$$
?
Required:
?
Make the necessary entries to record the transactions.?

Rapitown Arts Council Provides Financial Support to a Number of Independent