Journal entries The Botanical Garden had the following transactions occur during

Question

Journal entries

The Botanical Garden had the following transactions occur during its fiscal year.  Record these events in journal entries

a.      Pledges of $100,000 were made for the new perennial garden.

b.      Unrestricted donations of $900,000 were received in cash.

c.      Expenses of $10,000 were incurred to purchase plants for the new perennial garden

d.      A special butterfly exhibit was held to generate additional donations for general operations. $100,000 in admission fees was received and attendees received a special butterfly pin that cost the garden $750.

e.      Employees were paid $400,000 during the year (including fringe benefits).

f.       Volunteers donated 10,000 hrs of service valued at &8/hour.  However the garden would not have hired employees to do this work.

g.      A violent storm broke several windows and local firms donated repairs and materials valued at $8000.

Please provide correct entries.  Thank you

Explanation / Answer

a. Pledges Dr. 100000

cash cr. 100000

b. cash Dr. 900000

Donation Cr. 900000

c. Plant expenses Dr. 10000

cash Cr. 10000

d. Cash Dr. 100000

Admission fee Cr. 100000

e. Salary Dr. 400000

cash Cr. 400000

f. no entry

g.no entry...

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.