Problem

A voluntary health and welfare organization receives a gift of new furniture having a fair...

A voluntary health and welfare organization receives a gift of new furniture having a fair value of $2,100. The group then gives the furniture to needy families following a flood. How should the organization record receipt and distribution of this donation?

a. Make no entry.

b. Record a contribution of $2,100 and community assistance expense of $2,100.

c. Recognize revenue of 52,100.

d. Recognize revenue of $2,100 and community expenditures of 52,100.

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