Record the following transactions on the books of Hope Hospital, which follows FASB and AICPA standards. The
Question:
1. Hope received $135,000 in cash from pledges made in 2011 that were unrestricted as to purpose but intended to be expended in 2012.
2. Hope received $150,000 in pledges that indicated the money was to be paid in 2013 and used in that year for any purpose desired by the board.
3. Hope expended $37,000 for nursing training, using $30,000 of temporarily restricted resources that had been given in 2011 for that purpose.
4. Hope received $40,000, restricted by the donor for cancer research. The funds were not expended in 2012.
5. Hope received $50,000 in cash. The board decided to invest the funds for future plant expansion.
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HOPE HOSPITAL GENERAL JOURNAL 2012 Debits Credits 1 Cash Pledges Receivable 135000 135000 Rec...View the full answer
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Related Book For 
Essentials of Accounting for Governmental and Not-for-Profit Organizations
ISBN: 978-0073527055
10th Edition
Authors: Paul A. Copley
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