Wakefield Home is a private not-for-profit healthcare organization offering services for a fee. The home has an endowment and the income may be used to sponsor families that are unable to pay for services but the principal must be preserved. In addition, various fundraising activities take place during the year.
When the Home held its annual Holiday fund raiser, pledges of $50,000 were received. The administration expected 5% to be uncollectible.
In addition, income of $10,000 was received from the endowment to sponsor families.
Prepare the journal entries for these transactions.

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The Answer of Wakefield Home is a private not-for-profit healthcare organization offering services for a fee. The home has an endowment and the income may be used to sponsor families that are unable to pay for services but the principal must be preserved. In addition, various fundraising activities take place during the year.
When the Home held its annual Holiday fund raiser, pledges of $50,000 were received. The administration expected 5% to be uncollectible.
In addition, income of $10,000 was received from the endowment to sponsor families.
Prepare the journal entries for these transactions.

Wakefield Home Is a Private Not-For-Profit Healthcare Organization Offering Services