ACC460 Chapter 13 Revenue and Related Expense Transactions Assignment

Ch. 13 Exercise: Recording Revenue and Related Expense Transactions
Required
Make all necessary journal entries to record these transactions
Recording Revenue and Related Expense Transactions. The Shannon Community Kitchen provides hot meals to homeless and low-income individuals and families; it is the organization’s only program. It is the policy of the community kitchen to use temporarily restricted resources for which the purpose has been met before unrestricted resources. The Kitchen had the following revenue and expense transactions during the 2017 fiscal year.
Unrestricted cash donations of $25,000 were received. A local philanthropist also contributed $3,000, which was to be used for the purchase of Thanksgiving dinner foodstuffs.
A local grocery store provided fresh produce with a fair value of $100. The produce was immediately used.
Volunteers from the local university contributed 100 hours to preparation and serving of meals. The estimated fair value of their labor was $750.
The Kitchen received a $5,000 federal grant for the purchase of institutional kitchen appliances.
At Thanksgiving time, the Kitchen spent $4,100 on foodstuffs for preparation of the Thanksgiving dinner.
Ch. 14 Questions Assignments
Complete questions 14-1 and 14-4 in approximately 30 to 90 words each.
14.1(A) Identify oversight bodies and the source of their authority over not-for-profit organizations (NFPs).
B. Identify which level(s) of government regulate(s) NFP organizations and identify the source of authority.
14-4 (A) Describe governance issues of NFP boards, including incorporating documents and board membership.
B. What are the distinguishing characteristics between a public charity and a private foundation? What is a public support test and how does it relate to public charities and private foundations?

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