Acc 410 ch 12-13 homework
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Acc 410 chapter 12-13 homework
12-7
ledges receivable $4mil
Revenue from contributions $4mil
To record the receipt of a restricted contribution (temporarily restricted fund inasmuch as the gift’s purpose is restricted)
b.
Program expenses $4mil
Cash $4mil
To record the expenses incurred in the legal assistance program (unrestricted fund—all expenses are recognized in an unrestricted fund)
c.
Cash $100,000
Resources released from restriction $4mil
To record the receipt of the cash previously pledged (unrestricted fund)