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

question 87

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 fund with donor restrictions.
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:

Mental Images

Representations in the mind of an object or scene that are not currently being perceived, they can involve any of the senses.

Person's Consciousness

Refers to an individual's awareness of their own thoughts, feelings, sensations, and environment.

Free-Floating Anxiety

Chronic and persistent feelings of anxiety that are not clearly attached to a specific, identifiable threat.

Specific Anxiety

A type of anxiety disorder that is triggered by specific situations or objects.