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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