Following Are Four Independent Transactions or Events That Relate to a Voluntary

question 74

Essay

Following are four independent transactions or events that relate to a voluntary health and welfare organization:
1. Cash disbursement of $45,000 was made from the general fund's unrestricted assets for the purchase of new equipment for the organization.
2. The organization receives an unrestricted cash gift of $80,000 from a donor.
3. Common stock investments with a total carrying value of $100,000 were sold by a permanently restricted endowment fund for $112,000 before any dividends were earned on these stocks. The gain is donor-restricted to remain in the permanently restricted fund.
4. General obligation bonds payable with a face amount of $750,000 were sold at par, with the proceeds required to be used solely for construction of a new building. This building was completed at a total cost of $750,000, and the total amount of bond issue proceeds was disbursed toward this cost. Disregard interest capitalization.
Required:
For each of these transactions or events, prepare journal entries specifying the affected funds and showing how these transactions or events should be recorded by the organization.

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Definitions:

Strategies

Plans of action designed to achieve long-term or overall aims and objectives.

Networking

Building and maintaining professional relationships to exchange information, advice, and support, often pivotal for career development and opportunities.

Mindset

The established set of attitudes or beliefs held by an individual or group that influences behavior and perceptions.

Co-Mentoring

A reciprocal learning relationship where two individuals provide mutual guidance, support, and feedback to each other.