2. The following events occurred to the Cancer Research Foundation during the fiscal year ended June 30,20X1:Unrestricted pledges for P300,000 were received. It is estimated that 10% will not be collectible.P260,000 was collected on pledges. It is estimated that another P10,000 will be collected next year.Received P40,000 from Manila Bulletin. The amount was net of P5,000 for fund-raising expenses.Invested P35,000 in certificates of deposit. During the year, it collected P2,000 interest. At year-end,the accrued interest amounted to P1,000.Collected P5,000 in cash from sales of its booklet "How to Cope with Cancer."Expenses paid in cash during the year were as follows:SalariesEmployee Fringe BenefitsРаyroll TaxesSuppliesTelephoneUtilitiesP90,00015,00016,0007,0001,5006,00010,0005,0001,0003,000RentConferences, Conventions, and MeetingsCost of Booklet "How to Cope with Cancer"Miscellaneous• Accrued expense at year-end amounted to P1,000 for utilities and P5,000 for salaries.The board of directors (BOD) specified that P10,000 should be used to purchase a new computer forresearch purposes.Required: Prepare the journal entries to record the above events in the Unrestricted Current Fund.

NOTE : As per BARTLEBY guidelines, when multiple sub parts are given then first three sub parts are…

The following events occurred to the Cancer Research Foundation during the fiscal year ended June 30, 20X1: Unrestricted pledges for P300,000 were received. It is estimated that 10% will not be collectible. P260,000 was collected on pledges. It is estimated that another P10,000 will be collected next year. Received P40,000 from Manila Bulletin. The amount was net of P5,000 for fund-raising expenses.

The following events occurred to the Cancer Research Foundation during the fiscal year ended June 30, 20X1: Unrestricted pledges for P300,000 were received. It is estimated that 10% will not be collectible. P260,000 was collected on pledges. It is estimated that another P10,000 will be collected next year. Received P40,000 from Manila Bulletin. The amount was net of P5,000 for fund-raising expenses.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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During the annual fund-raising drive, the Cancer Society raised $900,000 in pledges of financial support for general operations. By fiscal year-end, the society had collected $800,000 of the pledges. The society estimates that 10% of the remaining pledges will be uncollectible. The NET amount of revenue the society should recognize during the current year from this pledge drive is A.) $900,000 B.) $870,000 C.) $890,000 D.) $810,000
What are the journal entries for the following 14 problems? 1. The hospital received pledges without donor restrictions of $372,6000 and pledges with donor restrictions of $216,000. It collected all of the pledges without donor restrictions and $180,000 of the pledges with donor restrictions. 2. Cash gifts designated by donors for juvenile diabetes research amounted to $250,000 for the year. During the year, $000,000 was expended for juvenile diabetes research. 3. The total services provided by the hospital to all patients during the year amounted to $1,270,697 at the hospital’s established billing rates. Based on the rates with third-party payers, the hospital expects to collect approximately $889,488 (70 percent) of this amount. Due to current economic conditions, it expects that $113,423 (15 percent of the 70 percent) will have to be written off as bad debts. 4. It also provided $93,600 in charity care, which it never expected to collect. 5. It collected $864,225 in patient accounts…
Santa Maria Hospital is a non-profit organization located in Bulacan. Given below are the transactions and events of its General Fund for October 20X1: • Gross patient service revenues of P80,000 were billed to patients. Indigent charity care amounted to P4,000, of which P2,500 was a receivable from Social Medicare of P6,000 and doubtful accounts of P8,000. Contributed services approximating P10,000 at going salary rates were received from volunteer nurses. Meals costing P200 were served to the volunteer nurses at no charge by the Santa Maria Hospital cafeteria. New unrestricted pledges due in three (3) months, totaling P5,000, were received from various donors. Collections on pledges amounted to P3,500, and the provision for doubtful pledges for the month was P800. The amount of P3,000 received from the Restricted Fund was expended for new surgical equipment, as authorized by the donor. Required: Prepare the journal entries for the transactions of Santa Maria Hospital for October.
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. Santa Maria Hospital is a non-profit organization located in Bulacan. Given below are the transactions andevents of its General Fund for October 20X1:• Gross patient service revenues of P80,000 were billed to patients. Indigent charity care amounted toP4,000, of which P2,500 was a receivable from Social Medicare of P6,000 and doubtful accounts ofP8,000.• Contributed services approximating P10,000 at going salary rates were received from volunteer nurses.Meals costing P200 were served to the volunteer nurses at no charge by the Santa Maria Hospitalcafeteria.• New unrestricted pledges due in three (3) months, totaling P5,000, were received from various donors.Collections on pledges amounted to P3,500, and the provision for doubtful pledges for the month wasP800.• The amount of P3,000 received from the Restricted Fund was expended for new surgical equipment,as authorized by the donor. Required: Prepare the journal entries for the transactions of Santa Maria Hospital for October.
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How do I do the journal entries for the following? Unrestricted cash contributions of $1,200,000 were received through the local United Way campaign. An additional $140,000 was received in direct cash contributions, of which $20,000 is restricted to the parolees’ program and $50,000 was for the building fund. Documented promises of $60,000 were received, collectible within the next year. These promises are unrestricted and expected to be 85% collectible. Bad debt expense is included with administrative expenses. PLEASE DONT GIVE handwritten ANSWERS THANKU