Please help me with the red ticks only. The Shannon Community Kitchen provides...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Please help me with the red ticks only.
The Shannon Community Kitchen provides hot meals to homeless and low-income individuals and families; it is the organization's only program. It is the policy of the kitchen to use restricted resources for which the purpose has been met before resources without donor restrictions. The Kitchen had the following revenue and expense transactions during the 2023 fiscal year. 1. Cash donations without donor restrictions of $25,600 were received. A philanthropist also contributed $3,600, which was to be used for the purchase of Thanksgiving dinner foodstuffs. 2. A local grocery store provided fresh produce with a fair value of $700. The produce was immediately used. 3. Volunteers from the local university contributed 130 hours to preparation and serving of meals. The estimated fair value of their labor was $1,350. 4. The Kitchen received a $5,600 federal grant for the purchase of institutional kitchen appliances. 5. A local foundation gave the Kitchen $6,600 to support serving hot meals next year. The money is to be returned to the foundation if the Kitchen does not serve at least 4,600 meals next year. 6. At Thanksgiving time, the Kitchen spent $4,700 on foodstuffs for preparation of the Thanksgiving dinner. Required Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!