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Question text Accounting for contributions with donor restrictions On January 1, 2019, a member of a...

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Accounting for contributions with donor restrictions

On January 1, 2019, a member of a nonprofit hospital’s board of directors passed away. His will provided a $35,000 contribution to the hospital to upgrade the skills of its nurses. During January, the hospital spent $15,000 to train the nurses. Prepare journal entries to record the transactions.

Description Debit Credit

To record receipt of the donation

To record reclassification of net assets.

To record payment for training costs.
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Account Title & Explanation Debit 15 16 17 18 19 20 21 Credit Cash 35,000 Temporarily Resricted Support - Contributions 35,000 To record receipt of the doation) Temporarily Restricted Asset reclassification out To record reclassification of net assets) Expenses (Training Cost) To record payment for training costs) 35,000 Unrestricted asset reclassification In 35,000 23 24 25 26 27 28 15,000 Cash 15,000

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