Here is a challenging problem Problem 3 - The American Cancer Society, a not for profit...

 

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Here is a challenging problem Problem 3 - The American Cancer Society, a not for profit entity, had the following transactions; 1/1/20 Received a $50,000 donation for general operations, however the donors stipulated that the money could not be spent until after 6/30/20. 1/4/20 Received a $20,000 donation to specifically used to create anti smoking campaigns for teenagers. The donor also stipulated that the money could be spent until after 6/30/20. 8/1/20 Spent $50,000 of the 1/1/20 donation on general operations 9/1/20 Spent $20,000 of the 1/4/20 donation creating the anti smoking campaign Required; Prepare the journal entries for the above transactions. Remember to note whether the involved are restricted or unrestricted. order Someon Here is a challenging problem Problem 3 - The American Cancer Society, a not for profit entity, had the following transactions; 1/1/20 Received a $50,000 donation for general operations, however the donors stipulated that the money could not be spent until after 6/30/20. 1/4/20 Received a $20,000 donation to specifically used to create anti smoking campaigns for teenagers. The donor also stipulated that the money could be spent until after 6/30/20. 8/1/20 Spent $50,000 of the 1/1/20 donation on general operations 9/1/20 Spent $20,000 of the 1/4/20 donation creating the anti smoking campaign Required; Prepare the journal entries for the above transactions. Remember to note whether the involved are restricted or unrestricted. order Someon

Answer rating: 100% (QA)

Answer journal entry Date particulars 2020 Cash mis... View the full answer