Required:

On October $1,2023,$ the Voluntary Action Agency $($which has a December $31$ fiscal year$-$end$)$ received a cash contribution of $\backslash (\backslash$$ $420,000\backslash )$ restricted to the purchase of buses to transport senior citizens as part of the organization's "Active Seniors Program." On January $2,2024,$ buses were purchased with the $\backslash$$$420,000$ cash. The buses are expected to be used for five years and have no salvage value at the end of that time. Record the journal entries on October $1,2023,$ January $2,2024,$ and December $31,2024,$ for the receipt of cash, the purchase of buses, and one year's depreciation.

Note: If no entry is required for a transaction or event, select $"$No Journal Entry Required" in the first account field.

Journal entry worksheet

On October $1,2023,$ the Voluntary Action Agency $($which has a December $31$ fiscal year$-$end$)$ received a cash contribution of $\backslash (\backslash$$ $420,000\backslash )$ restricted to the purchase of buses to transport senior citizens as part of the organization's "Active Seniors Program." Prepare the journal entry to record the cash receipt

Note: Enter debits before credits.