On January 1, the first day of the fiscal year, a member of a nonprofit hospital's board of directors passed away. His will provided a $96,250 contribution to the hospital to upgrade the skills of its nurses. During January, the hospital spent $41,250 to train the nurses. Prepare journal entries to record the transactions. If no adjustment is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields. Account Debit Credit Cash 96,250 Restricted donor contribution revenue 96,250 To record contribution. Nurse training expense 41,250 Cash 41,250 To record training.costs. Net assets without donor restrictions, Reclassifications in 41,250 Net assets with donor restrictions, Reclassifications out 55,000 x To record reclassification.

On January 1, the first day of the fiscal year, a member of a nonprofit hospital's board of directors passed away. His will provided a $96,250 contribution to the hospital to upgrade the skills of its nurses. During January, the hospital spent $41,250 to train the nurses. Prepare journal entries to record the transactions. If no adjustment is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields. Account Debit Credit Cash 96,250 Restricted donor contribution revenue 96,250 To record contribution. Nurse training expense 41,250 Cash 41,250 To record training.costs. Net assets without donor restrictions, Reclassifications in 41,250 Net assets with donor restrictions, Reclassifications out 55,000 x To record reclassification.

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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