Entries for Other Hospital Funds
The following are selected transactions of the specific-purpose fund, the plant fund, and the
endowment fund of Toddville Hospital, a not-for-profit entity:
1. The endowment fund received new permanent endowments totaling $150,000 and new term endowments totaling $120,000.
2. The plant replacement and expansion fund received pledges of $1,500,000 for the new wing. Uncollectibles were estimated at 10 percent.
3. The specific-purpose fund received gifts of $50,000 for research and $30,000 for education.
4. Interest and dividends received on investments follow:
Endowment fund (permanent) | $100,000 |
Plant fund | 45,000 |
Specific-purpose fund (research) | 31,000 |
This year’s interest and dividends in the endowment fund are permanently restricted by a donor-imposed requirement.
5. The specific-purpose fund was notified that the general fund fulfilled the agreements related to restricted gifts as follows:
Research | $55,000 |
Education | 32,000 |
Cash of $70,000 was transferred to the general fund, with the balance to be sent later. 6. The following investments were made:
Endowment fund | $270,000 |
Plant fund | 160,000 |
Specific-purpose fund | 75,000 |
Required
Prepare journal entries for the transactions in the specific-purpose fund, plant fund, and endowment fund, as appropriate.
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