A Nonexpendable Trust Fund Was Established to Help Pay for Little

question 1

Essay

A Nonexpendable Trust Fund was established to help pay for Little League baseball.A total of $100,000 was donated to Babe City.The earnings, not the principal, from the donation could be used to fund baseball.
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Required:
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Make the entries and identify the fund into which the following transactions should be made:
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a.The donation is received and invested immediately in a mutual stock fund.​
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b.Cash dividends of $8,500 were received from the mutual fund and made available for spending.​
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c.During the first baseball season, $8,300 was spent from the fund.​
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d.The closing entries were made.

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