A private not-for-profit entity receives a gift of new furniture from a retail department store. The furniture
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A private not-for-profit entity receives a gift of new furniture from a retail department store. The furniture has a fair value of $2,100. The entity holds the furniture for several weeks. After a flood, the entity gives the furniture to several needy families. How should the NFP entity record these conveyances?
a. No entries are required.
b. Record contribution revenue of $2,100 and community assistance expense of $2,100.
c. Record only a community assistance expense of $2,100.
d. Record only a contributed revenue of $2,100.
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ISBN: 9781260247824
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Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
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