Microsoft Dynamics and Sage Group focus on small and mid market sized companies.
Indicate whether the statement is true or false
Question 2
Land valued at 100,000 was donated to a not-for-profit organization. The donation came with no restrictions. The organization's management decided to hold the land for resale and use the proceeds to establish a reserve for future capital needs.
Which of the following journal entries would be made on the date of donation?
dr cr
a. Land Held for Resale 100,000 Temporarily Restricted Contributions 100,000
b. Fixed Assets 100,000 Capital Contribution 100,000
c. Land Held for Resale 100,000 Unrestricted Contributions 100,000
d. Fixed Assets 100,000
Temporarily Restricted Contributions 100,000
e. Land Held for Resale 100,000
Temporarily Restricted Contributions 100,000
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