Record the Journal Entry That Would Be Made by a Nongovernmental

question 11

Essay

Record the journal entry that would be made by a nongovernmental, not-for-profit organization involved in medical research. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 
1. The entity received $1,500 in cash contributions. Of that amount, $1,000 is to be used for medical research.
2. The entity received pledges of $700,000 for its endowment fund. All pledges will be collected next year.
3. The entity received donated services of $1,200 from medical researchers who helped with the entity's on-going drug development research. It also received $300 in donated services from students, who helped clean the research facilities.
4. The entity paid medical research operating expenses of $5,000 that were related to restricted net assets it had received in prior years.

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Definitions:

Perfect Order Rate

A metric that measures how many orders have been filled, delivered, and billed without error.

Order System

A structured process for managing orders within a business, which includes taking, processing, and fulfilling orders made by customers.

Perfect Order

An order fulfillment metric that measures the percentage of orders delivered complete, on time, and without damage or error.

Return Packaging

Packaging materials and methods designed to facilitate the process of returning products to sellers or manufacturers.