The Following Are Selected Transactions for HELP-ON-US, an NFPO for 2014

question 17

Essay

The following are selected transactions for HELP-ON-US, an NFPO for 2014. On January 1, the organization purchased fixed assets at a cost of $10,000. The assets were estimated to have a useful life of 5 years with no residual value. Straight-line amortization is used. Assuming that the assets were purchased from unrestricted fund sources, prepare the required journal entries for 2014, indicating the fund or funds to be used.

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Definitions:

Just-World Phenomenon

The cognitive bias that a person's actions are inherently inclined to bring morally fair and fitting consequences to that person, to the end of all noble actions being eventually rewarded and all evil actions punished.

Attribution Theory

A psychological theory that seeks to explain how individuals infer the causes of their own and others' behavior, attributing them to internal dispositions or external situations.

Cognitive Dissonance Theory

A psychological theory that explains the discomfort that arises from holding two conflicting beliefs simultaneously, leading individuals to change their attitudes, beliefs, or behaviors to reduce the discomfort.

Role-Playing Theory

A theory that suggests individuals adopt certain behaviors or attitudes when they are assigned specific roles, influencing their social interactions and identity.