A Not-For-Profit Organization Receives a Computer as a Donation (Valued

question 36

Essay

A not-for-profit organization receives a computer as a donation (valued at $2,000). Prepare the journal entry for the transaction.

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Definitions:

Promise

A declaration or assurance that one will do something or that a particular thing will happen.

Material Breach

A significant violation of a contractual obligation that undermines the contract's purpose, giving the aggrieved party the right to terminate the agreement and seek damages.

Operation of Law

Operation of law refers to rights or duties that are automatically assigned to a person by virtue of legal rules, rather than by acts or agreements of the parties involved.

Examination Under Oath

A formal questioning process in a legal setting where the person being examined swears to tell the truth.