acc/548 week 3 problem sets10-3

Project Description:

acc/548 week 3 problem sets10-3

fiduciary funds are accounted for differently than permanent funds, even though both may account for nonexpendable
resources.

christopher city received a contribution of
$520,000 to provide scholarships to the children of
deceased city employees.the donor stipulated that all income, including both realized and unrealized investment gains, be used to support the beneficiaries.

1. record journal entries for the following assuming that the gift is to be accounted for in a
private purpose trust (fiduciary) fund.
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