A not-for-profit organization provides the following information for the year: $$\begin{array} { | l | r | }
\hline \text { Unrestricted pledges received this year, due within } 12 \text { months } & \$ 125,000 \
\hline \text { Contributions to the endowment received } & 20,000 \
\hline \text { Percentage of unrestricted pledges expected to be received: } & 90 \% \
\hline \text { Collections of pledges before the end of the year } & 75,000 \
\hline \text { Pledges written off at year-end } & 3,000 \
\hline
\end{array}$$
Required: Prepare the journal entries for these transactions.

Question

A not-for-profit organization provides the following information for the year: $$\begin{array} { | l | r | } 
\hline \text { Unrestricted pledges received this year, due within } 12 \text { months } & \$ 125,000 \
\hline \text { Contributions to the endowment received } & 20,000 \
\hline \text { Percentage of unrestricted pledges expected to be received: } & 90 \% \
\hline \text { Collections of pledges before the end of the year } & 75,000 \
\hline \text { Pledges written off at year-end } & 3,000 \
\hline
\end{array}$$ 
 Required: Prepare the journal entries for these transactions.

Quizplus · Accepted Answer

The Answer of A not-for-profit organization provides the following information for the year: $$\begin{array} { | l | r | } 
\hline \text { Unrestricted pledges received this year, due within } 12 \text { months } & \$ 125,000 \
\hline \text { Contributions to the endowment received } & 20,000 \
\hline \text { Percentage of unrestricted pledges expected to be received: } & 90 \% \
\hline \text { Collections of pledges before the end of the year } & 75,000 \
\hline \text { Pledges written off at year-end } & 3,000 \
\hline
\end{array}$$ 
 Required: Prepare the journal entries for these transactions.

A Not-For-Profit Organization Provides the Following Information for the Year