The following events occurred to the Cancer Research Foundation during the fiscal year ended June 30, 20X1:

• - Unrestricted pledges for P300,000 were received. It is estimated that 10% will not be collectible.
• - P260,000 was collected on pledges. It is estimated that another P10,000 will be collected next year.
• - Received P40,000 from Manila Bulletin. The amount was net of P5,000 for fund-raising expenses.
• - Invested P35,000 in certificates of deposit. During the year, it collected P2,000 interest. At year-end, the accrued interest amounted to P1,000.
• - Collected P5,000 in cash from sales of its booklet “How to Cope with Cancer.”
• - Expenses paid in cash during the year were as follows:

Salaries	P90,000
Employee Fringe Benefits	15,000
Payroll Taxes	16,000
Supplies	7,000
Telephone	1,500
Utilities	6,000
Rent	10,000
Conferences, Conventions, and Meetings	5,000
Cost of Booklet “How to Cope with Cancer”	1,000
Miscellaneous	3,000

• - Accrued expense at year-end amounted to P1,000 for utilities and P5,000 for salaries.
• - The board of directors (BOD) specified that P10,000 should be used to purchase a new computer for research purposes.

Required: 

Prepare the journal entries to record the above events in the Unrestricted Current Fund.

Answer rating: 100% (QA)

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