27 Apr You are believer that new employees should practice their accounting skills before ‘throwing them into the fire.’ Therefore, you have listed a series of transactions that require journal entries and updating of T-Accounts. You know that preparing nonprofAnswers 1Homework Assignment
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3 pairs of journal entries with notes
You are believer that new employees should practice their accounting skills before "throwing them into the fire." Therefore, you have listed a series of transactions that require journal entries and updating of T-Accounts.
You know that preparing nonprofit journal entries are easy, so you ask the new employee to
- prepare, side by side, the correct journal entry for the identical transaction:
- once for a nonprofit entity
- once for a for-profit company
- include notes for each transaction
- Transaction 1: Assume a nonprofit has a restricted fund for capital asset purchases. Compare the journal entries for the cash purchase of a $10,000 computer by the nonprofit, to how the journal entry would look for this for-profit.
- Transaction 2: Assume that a nonprofit has a need for $80,000 for a particular new marketing expenditure, and a for-profit entity needs to raise an additional $80,000 to pay for some unanticipated marketing expenses. How would the journal entities look at the acquisition of the funds and the subsequent spending of the funds?
- Transaction 3: The for-profit entity sells $120,000 with net 30-day terms, while the nonprofit entity has a fund raising drive for which they receive pledges of $120,000. How do the two journal entries look?
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