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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.


Definitions:

Rights Offerings

A corporate approach to raising capital by giving existing shareholders the opportunity to buy additional shares directly from the company at a predetermined price, usually at a discount.

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