Indicate how the following contributed service would be recorded by a private, non-profit organization: Several members...
Indicate how the following contributed service would be recorded by a private, non-profit organization:
Several members of a local carpenter’s union donated their time to building a new stage for the local theatre group.
The contribution is not recorded.
The contribution is recorded as revenue with an equal amount recorded as expense.
The contribution is recorded as revenue with an equal amount recorded as “other financing uses.”
The contribution is recorded as an asset with an equal amount recorded as expense.
The contribution is recorded as an asset with an equal amount recorded as contribution revenue.
Homework Answers
Since the services performed by the group is specialized skills which other would have to be purchased. Also it is helping in creating a non financial asset. Hence it will be recorded as an asset and at the same time as a revenue with the same amount.
Hence option E is correct.
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Indicate how the following contributed service would be recorded
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