Shanna Engel started up a new nonprofit organization in 2013 named Concern for Animal Shelter and Habitats
Question:
1. Borrowed $ 50,000 from a local bank. No interest is due on the loan during the first month, and the principal does not have to be paid back for two years.
2. Signed a contract with a local carpenter to build a fence to enclose the backyard. The carpenter charges $ 250 per hour and expects the fence to take 10 hours to complete. He expects to begin work next month.
3. CASH bought 50 bags of dog food and 25 bags of cat food. Dog food costs $ 20 per bag, while cat food costs $ 30 per bag. The pet food was bought on credit (i. e., CASH has not yet paid for the supplies).
4. CASH bought a sign to hang in front of its building. The sign cost $ 5,000 and CASH paid for it when it was received.
5. Purchased and received an office computer, server, printer, and copier. The total cost of the equipment was $ 10,000, half of which was paid and the other half was still owed. Show the impact of these transactions on the fundamental equation of accounting.
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Related Book For
Financial Management for Public Health and Not for Profit Organizations
ISBN: 978-0132805667
4th edition
Authors: Steven A. Finkler, Thad Calabrese
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