i need journal entry for all of these class is government and non profit
At the November Board of Directors meeting, the chair of the Board, Dr. Murphy, told you she intended to make her annual end-of-year $5,000 contribution to the Clinic before the end of the fiscal year. You did not make an entry for this at the time since she indicated she would pay before the end of the year. As of early January, no check has been received.
Unrestricted contributions revenue includes $15,000 which, based on a letter dated October 1, 2016 from the donor, is to be used to offset patient care expenses next fiscal year..
The fair value of unrestricted investments at year end is $350,000.
Historically, expenses not directly relating to a specific function were allocated to all functions based on the building’s square footage usage. The analysis you did earlier in the year indicates the relationship of salaries and benefits is a more appropriate allocation basis.