Assignment: Exercises and Problems

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Exercise $1-3$A $($Algo$)$ Identifying the reporting entities LO $1-2$

Karen White helped organize a charity fund to help cover the medical expenses of a friend of hers who was seriously injured in a bicycle accident. The fund was named Vicky Hill Recovery Fund $($VHRF$).$ Karen contributed $$1,400$ of her own money to the fund. The $$1\mathrm{.}400$ was paid to WKUX, a local radio station that designed and played an advertising campaign to educate the public as to the need for help. The campaign resulted in the collection of $$22,000$ cash. VHRF paid $$15,000$ to Mercy Hospital to cover Vicky's outstanding

Required

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

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Entities Mentioned

Effect On Cash

Vicky Hill Recovery Fund

for cash contributions, $$23,400$

for payment of advertising, $$1,400$

payment for hospital bills. $$15,000$

for donation to National Cyclist Fund, $$7,000$

Karen White

by contribution, $$1,400$

WKUX

for advertising revenue, $$1\mathrm{.}400$

Public

for contributions, $$22,000$

Mercy Hospital

for medical care, $$15,000$

National Cyclist Fund

for donation, $$7,000$

MC

Graw

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Prey.

$1$ of $7$

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