Not-for-profit accounting – puja | Accounting homework help

Responsive Centered Red Button

Need Help with this Question or something similar to this? We got you! Just fill out the order form (follow the link below), and your paper will be assigned to an expert to help you ASAP.

I have attached the instructors ppt that shows what he expects and gives the grading criteria.
Don’t forget the intext citations and reference page.  3 pairs of journal entries with notes are required.
 
You are a 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?

 
 

How to create Testimonial Carousel using Bootstrap5

Clients' Reviews about Our Services