Food Services (FS) collects food for distribution to people in need. During November 2013, its first month
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The loan had been taken out to buy land, on which the organization plans to build a warehouse facility. A warehouse is needed since, although the organization does not plan to keep a lot of food in stock, sorting and distribution facilities are crucial. FS has also received $100,000, which according to the donor is to be invested and maintained, with any income earned to be used as FS sees fit.
Required
-Prepare the journal entries that FS would make assuming that it uses the deferral method of accounting and does not maintain separate funds.
-Prepare the statement of financial position after the transactions have occurred.
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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