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  • Exercises-Chapter 3 - Closing Entries

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    earning management

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    Exercises-Chapter 3- Closing Entries

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    earning management

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    4 views1 page

    Exercises-Chapter 3 - Closing Entries

    Uploaded by

    Yasmeen
    earning management

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Q: The following accounts related to CRS organization.

    Contributions—Unrestricted . . . . . . . . . . . . . . . . . 100,000
    Investment Income—Unrestricted . . . . . . . . . . . .. 200,000
    Unrealized Loss on Investments— Unrestricted … 20,000
    Adoption Program Expenses . . . . . . . . . . . . . . . . 150,000
    Contributions—Temporarily Restricted . . . . . . . . . 400,000
    Investment Income—Temporarily Restricted . . . . 350,000
    Net Assets Released from Restrictions—Unrestricted . . .. 600,000
    Required :
    Prepare the appropriate closing entries

    Contributions—Unrestricted . . . . . . . . . . . . . . . . . 100,000

    Investment Income—Unrestricted . . . . . . . . . . . .. 200,000

    Net Assets Released from Restrictions—Unrestricted . . .. 600,000

    Net Assets – Unrestricted 900,000

    Investment Income—Temporarily Restricted . . . . 350,000

    Contributions—Temporarily Restricted . . . . . . . . . 400,000

    Net Assets – Temporarily Restricted 750,000

    Net Assets – Unrestricted 170,000

    Unrealized Loss on Investments— Unrestricted … 20,000

    Adoption Program Expenses . . . . . . . . . . . . . . . . 150,000

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