Asked by Morgan Ballard on Jun 26, 2024
Verified
A local business donated medical supplies to Madison Home with a value of $45,000. Prepare the journal entry for the receipt of these supplies.
Medical Supplies
Items used in health care services, including consumables and durable medical equipment.
Journal Entry
A record in accounting that notes every financial transaction of a company, indicating debits and credits to different accounts.
- Acquire knowledge of and utilize the accounting rules for not-for-profit entities when recognizing and recording gifts.
- Achieve the competence to accurately generate journal entries for different kinds of transactions in not-for-profit entities.
- Evaluate and log the impact of service contributions and in-kind donations on not-for-profit financial records.
Verified Answer
JP
Learning Objectives
- Acquire knowledge of and utilize the accounting rules for not-for-profit entities when recognizing and recording gifts.
- Achieve the competence to accurately generate journal entries for different kinds of transactions in not-for-profit entities.
- Evaluate and log the impact of service contributions and in-kind donations on not-for-profit financial records.
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