A Not-For-Profit Organization Provides the Following Information for the Year

question 27

Essay

A not-for-profit organization provides the following information for the year: $$\begin{array} { | l | r | } \hline \text { Unrestricted pledges received this year, due within } 12 \text { months } & \$ 125,000 \\\hline \text { Contributions to the endowment received } & 20,000 \\\hline \text { Percentage of unrestricted pledges expected to be received: } & 90 \% \\\hline \text { Collections of pledges before the end of the year } & 75,000 \\\hline \text { Pledges written off at year-end } & 3,000 \\\hline\end{array}$$
Required: Prepare the journal entries for these transactions.

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Definitions:

Homeostasis

The tendency of a body to maintain internal stability and the physiological processes that monitor and adjust its internal conditions.

Thyroid-stimulating Hormone

A hormone produced by the pituitary gland that regulates the production of thyroid hormones, which in turn regulate metabolism, energy generation, and overall growth.

Correct Abbreviation

The appropriate shortened form or acronym of a longer phrase or name, accurately reflecting its components.

GTT

Glucose Tolerance Test, a test measuring the body's response to sugar (glucose) to diagnose diabetes or prediabetes.