Problem

George H. Ruth takes a leave of absence from his job to work full-time for a voluntary hea...

George H. Ruth takes a leave of absence from his job to work full-time for a voluntary health and welfare organization for six months. Ruth fills the position of finance director, a position that normally pays $88,000 per year. Ruth accepts no remuneration for his work. How should these donated services be recorded?

a. As contribution revenue of $44,000 and an expense of $44,000.

b. As earned revenue of $44,000.

c. As an expense of $44,000.

d. They should not be recorded.

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