Volunteers for “Down-syndrome Foundation”, a voluntary educational and recreational center for children with Down-syndrome, played educational games with the children for 4 hrs. Most of the volunteers work at local banks which pay an average salary per hour of $20.

For the independent situation above:

a) First choose the appropriate type of contribution listed in the table below by filling in the letter found in the blank under Type of Contribution. Note that there may be situations that are not contributions, in that case choose H.

A. Contribution of Assets-with donor restrictions (use or purpose)	B. Contribution of Assets-with donor restrictions (time)
C. Contribution of Assets-without donor restrictions	D. Unconditional Pledge
E. Conditional Promise	F. Contribution of Services
G. Collection Item	H. Exchange Transaction

b) Then prepare the necessary journal entry to recognize revenue when applicable. If no entry is required, you are required to state so.

Answer rating: 100% (QA)

a Type of Contribution C Journal entry Debit Credit b Assets unre... View the full answer