Preparing Journal Entries

by

Business Finance

OPTION #2: PREPARING JOURNAL ENTRIES #2

Instructions:

Contributions of long-lived assets may affect more than one type of fund. Discovery Barn, a not-for-profit science center for children, received a contribution of $30,000 explicitly designated for the acquisition of computers. During the year, it acquired $21,000 of computers, which it estimated to have a useful life of three years. It is the policy of the organization to charge an entire year’s depreciation in the year of acquisition.

Prepare all required journal entries, being certain to indicate the type of fund in which each entry would be made.

Paper Requirements:

  1. Submit your responses to the questions in a 1- to 2-page document in MSWord. Label each question clearly. For computations, please include them in a table.
  2. For written answers, please make sure your responses are well written.
  3. Follow the CSU-Global Guide to Writing and APA.
  4. The required number of pages for the assignment does not include the title page and the reference page.
  5. Reach out to your instructor if you have any questions about the assignment.