Donated services are sometimes given accounting recognition—and at other times are not given accounting recognition—in the accounts and statements of VHWOs and ONPOs. Explain why some are given accounting recognition and others are not. (Do not list the criteria.)
Answer to relevant QuestionsWhen should a nongovernment ONPO recognize contributions that are restricted by donors for capital asset acquisitions?Record the following transactions in the accounts of a nongovernment VHWO or ONPO.1. Unconditional pledges made to the organization during the year total $1,000,000 unrestricted and $500,000 restricted to a specific program. ...Part I The Thelma Colone Society entered into the following transactions in 20X8.April 1—Purchased equipment with donor-restricted resources for $47,300. The equipment has a 5-year useful life and no salvage value; it was ...Prepare journal entries to record the following transactions for a nongovernment ONPO.1. Unrestricted cash gifts that were received last year but restricted for use in the current year totaled $50,000.2. Unrestricted pledges ...How are uncollectible accounts for tuition and fees reported in a government university's operating statement?
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