A well-known celebrity sponsored a telethon for the Help for the Blind Foundation on November 1, 2020.
Question:
A well-known celebrity sponsored a telethon for the Help for the Blind Foundation on November 1, 2020. Pledges in the amount of $1,000,000 were called in. Using similar telethon campaigns as a basis, it is estimated that 25% of the pledges will be uncollectible. During 2021, $700,000 of contributions from these pledges were collected. The remainder were uncollectible.
Required:
Identify the appropriate fund(s) and prepare the journal entries necessary in 2020 and 2021 to record these transactions.
Step by Step Answer:
The appropriate fund for recording the pledges received in 2020 is the Unrestricted Fund The journal entry to record the pledges in 2020 would be Debi...View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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