A voluntary health and welfare entity receives $32,000 in cash from solicitations made in the local community.
Question:
A voluntary health and welfare entity receives $32,000 in cash from solicitations made in the local community. The charity receives an additional $1,500 from members in payment of annual dues. Members are assumed to receive benefits approximately equal in value to the amount of dues paid. How should this money be recorded?
a. Revenues of $33,500.
b. Public support of $33,500.
c. Public support of $32,000 and a $1,500 increase in the fund balance.
d. Public support of $32,000 and revenue of $1,500.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Advanced Accounting
ISBN: 978-1259444951
13th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupni
Question Posted: