The Following Are Selected Transactions from Helpers Cooperative Which Uses

question 42

Essay

The following are selected transactions from Helpers Cooperative which uses the restricted fund method. Helpers has an operating fund, a capital fund and an endowment fund:
Pledges amounting to $400,000 were received, of which $80,000 applies to the operations of the following year. It is estimated that 2% of the pledges will be uncollectible.
The association purchased office equipment at a cost of $6,000.
Pledges of $300,000 were collected, while pledges amounting to $4,000 were written off as uncollectible.
A local newspaper agreed to offer Helpers a full-page ad. This had an estimated value of $5,000.
Interest and dividends received amounted to $15,000 on endowment fund investments. These earnings are considered unrestricted.
Depreciation for the year amounted to $40,000.
Required:
Prepare journal entries to record the above transactions. Also, indicate which fund will be used for each entry.

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Definitions:

Voidable Title

A legal status of property ownership that can be declared invalid by one of the parties involved, due to factors such as fraud or coercion at the time of acquisition.

Good Faith Purchaser

An individual who buys something without knowledge of a prior claim or lien against the property, therefore acquiring clean title.

Risk Of Loss

The potential for an asset to be lost, damaged, or diminished in value, and the question of who bears this risk under the terms of a contract.

Agreement Of Parties

This refers to the mutual understanding and consent between parties involved in a contract regarding the terms and conditions stated.