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  • Assignment 6 - Exercise 5

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    Mrs. Llewellyn J. Moneybags donated $500,000 to a local high school to be used only for computers and software. By the end of the school year on June 30, 2013, only $300,000 of the donation had been spent. The appropriate journal entries are to credit revenues for the $500,000 donation and debit cash, and later debit expenditures for $300,000 and credit cash for the amount spent.

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    Mrs. Llewellyn J. Moneybags donated $500,000 to a local high school to be used only for computers and software. By the end of the school year on June 30, 2013, only $300,000 of the donation had been spent. The appropriate journal entries are to credit revenues for the $500,000 donation and debit cash, and later debit expenditures for $300,000 and credit cash for the amount spent.

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    13 views1 page

    Assignment 6 - Exercise 5

    Uploaded by

    yea okay
    Mrs. Llewellyn J. Moneybags donated $500,000 to a local high school to be used only for computers and software. By the end of the school year on June 30, 2013, only $300,000 of the donation had been spent. The appropriate journal entries are to credit revenues for the $500,000 donation and debit cash, and later debit expenditures for $300,000 and credit cash for the amount spent.

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    Assignment 6 – Exercise 5

    Government Acc

    On January 1, 2013, Mrs. Llewellyn J. Moneybags gave $500,000 to the local parochial high school to be
    used only for the purchase of computers and software for the school. By the end of the school year,
    June 30, 2013, only $300,000 has been spent. Prepare the appropriate journal entries.

    Restricted Current Fund

    ANSWER:

    Restricted Current Fund


    Cash 500,000
    Revenues – Contributed – Restricted 500,000
    Expenditures 300,000
    Cash (or Vouchers Payable, then Cash) 300,000

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