Karen White helped organize a charity fund to help cover the medical expenses of her friend, Vicky

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Karen White helped organize a charity fund to help cover the medical expenses of her friend, Vicky Hill, who was seriously injured in a bicycle accident. The fund was named the Vicky Hill Recovery Fund (VHRF). Karen contributed $1,000 of her own money to the fund. The $1,000 was paid to WKUX, a local radio station that designed and played an advertising campaign to educate the public about Vicky’s predicament. The campaign resulted in the collection of $20,000 cash, and VHRF paid $12,000 to Mercy Hospital to cover Vicky’s outstanding hospital cost. The remaining $8,000 was donated to the National Cyclist Fund.


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Identify the entities mentioned in the scenario and explain what happened to the cash accounts of each entity you identify.

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Related Book For  answer-question

Introductory Financial Accounting for Business

ISBN: 978-1260299441

1st edition

Authors: Thomas Edmonds, Christopher Edmonds

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