The Evangelical Private School follows FASB standards of
accounting and reporting.
Answers :-
S.no | Particulars | Debit($) | Credit($) |
a. |
Cash A/c Dr Furniture A/c Dr To contribution received (Being cash received and furniture received) |
710,000 400,000 |
1110,000 |
b. |
Cash A/c Dr Salary exp Dr To Salary Expense (being cash received and furniture received) |
20,250 282,250 |
302,500 |
c. |
Cash A/c Dr To Advance received (being cash received and furniture received) |
419,000 |
419,000 |
d. |
Auditorium A/c Dr To Advance for construction To cash / Other source (Being new auditorium constructed) |
785,000 |
605,000 180,000 |
e. |
Cash A/c Dr To carpus fund (Being amt invested permanently) |
404,000 |
404,000 |
The Evangelical Private School follows FASB standards of accounting and reporting. Cash contributions were received as...
The Evangelical Private School follows FASB standards of accounting and reporting Cash contributions were received as follows: (a) $1,122,000 for any purpose desired by the school, (b) $312,500 for salary supplements for school faculty.( $427000 to be used during the next fiscal year in any manner desired by the school,(d) $625,000 for the construction of a new auditorium, and (e) $420,000 to be invested permanently, with the income to be used as desired by the school. The school's policy is...
EP 10-9 Journal Entres The Evangelical Private School follows FASB standards of accounting and reporting. 1 Cash contributions were received as follows: () $1,107,000 for any purpose desired by the school, () $300,000 for salary supplements for school faculty, (d $417,000 to be used during the next fiscal year in any manner desired by the school, (c) $600,000 for the construction of a new auditorium, and (e) $400,000 to be invested permanently, with the income to be used as desired...