Identifying the reporting entities
Betty Brock helped organize a charity fund to help cover the medical expenses of a friend of hers who was seriously injured in a bicycle accident. The fund was named Sandy Sayers Recovery Fund (SSRF). Betty contributed $1,000 of her own money to the fund. The $1,000 was paid to WKUX, a local radio station that designed and played an advertising campaign to educate the public as to the need for help. The campaign resulted in the collection of $15,000 cash. SSRF paid $10,000 to Mercy Hospital to cover Sandy’s outstanding hospital cost. The remaining $5,000 was contributed to the National Cyclist Fund.
Required
Identify the entities that were mentioned in the scenario and explain what happened to the cash accounts of each entity that you identify.
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