The Shannon Community Kitchen provides hot meals to homeless and

The Shannon Community Kitchen provides hot meals to homeless and low-income individuals and families; it is the organization’s only program. The Kitchen had the following revenue and expense transactions during the 2014 fiscal year.

1. Unrestricted cash donations of $25,000 were received. A local philanthropist also contributed $3,000, which was to be used for the purchase of Thanks-giving dinner foodstuffs.

2. A local grocery store provided fresh produce with a fair value of $100. The produce was immediately used.

3. Volunteers from the local university contributed 100 hours to preparation and serving of meals. The estimated fair value of their labor was $750.

4. The Kitchen received a $5,000 federal grant for the purchase of institutional kitchen appliances.

5. At Thanksgiving time, the Kitchen spent $4,100 on foodstuffs for preparation of the Thanksgiving dinner.


Required

Make all necessary journal entries to record these transactions.


Members

  • Access to 1 Million+ Textbook solutions
  • Ask any question from 24/7 available
    Tutors
$9.99
VIEW SOLUTION
OR

Non-Members

Copyright © 2019 SolutionInn All Rights Reserved