The Good Friends Animal Society has a $1 million endowment contributed by an animal lover. Investment income
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The Good Friends Animal Society has a $1 million endowment contributed by an animal lover. Investment income and realized and unrealized gains and losses are donor-restricted to pay for costs of kitten nurseries. During the year, dividends and interest received in cash on endowment investments totaled $40,000, and unrealized gains on investments were $2,000. Endowment income spent on kitten nursery costs totaled $43,000. Prepare the journal entries to record the events described for the current year. If an account affects net assets, indicate which category of net assets is affected.
Related Book For
Financial Accounting A User Perspective
ISBN: 978-0470676608
6th Canadian Edition
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
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