J.M.H. (a not-for-profit) Rehabilitation Center engaged in the following transactions during the year ending December 31, 2015.
1. Michael Vincent donated $625,000 to the hospital to help pay for the purchase of new physical rehabilitation equipment.
2. Albert Olsen donated $250,000 to the center, stipulating that the resources be used only for the training of rehab care nurses. The center plans to conduct the training in early 2016.
3. The center received a $100,000 grant from The Ortho pedic Association to determine the effects of three different kinds of physical therapy on female patients between the ages of 40-55.
Prepare journal entries to record the transactions. Explain and justify any differences in your entries.

  • CreatedAugust 13, 2014
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