Accounting for contributions with donor restrictions 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 $122,500 contribution to the hospital to upgrade the skills of its nurses. During January, the hospital spent $52,500 to train the nurses. Prepare journal entries to record the transactions.
Accounting for contributions with donor restrictions 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 $122,500 contribution to the hospital to upgrade the skills of its nurses. During January, the hospital spent $52,500 to train the nurses. Prepare journal entries to record the transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accounting for contributions with donor restrictions
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 $122,500 contribution to the hospital to upgrade the skills of its nurses. During January, the hospital spent $52,500 to train the nurses.
Prepare
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