Author Question: Microsoft Dynamics and Sage Group focus on small and mid market sized companies. Indicate whether ... (Read 54 times)

sarasara

  • Hero Member
  • *****
  • Posts: 521
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



lkoler

  • Sr. Member
  • ****
  • Posts: 358
Answer to Question 1

T

Answer to Question 2

C



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Asthma is the most common chronic childhood disease in the world. Most children who develop asthma have symptoms before they are 5 years old.

Did you know?

For high blood pressure (hypertension), a new class of drug, called a vasopeptidase blocker (inhibitor), has been developed. It decreases blood pressure by simultaneously dilating the peripheral arteries and increasing the body's loss of salt.

Did you know?

Blood is approximately twice as thick as water because of the cells and other components found in it.

Did you know?

According to animal studies, the typical American diet is damaging to the liver and may result in allergies, low energy, digestive problems, and a lack of ability to detoxify harmful substances.

Did you know?

Limit intake of red meat and dairy products made with whole milk. Choose skim milk, low-fat or fat-free dairy products. Limit fried food. Use healthy oils when cooking.

For a complete list of videos, visit our video library