Answered

Get the answers you need at Westonci.ca, where our expert community is dedicated to providing you with accurate information. Explore a wealth of knowledge from professionals across various disciplines on our comprehensive Q&A platform. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

A skilled carpenter installed a roof on a new administrative building for a private not-for-profit free of charge. The not-for-profit would have had to pay $2,300 for this service if not donated. What entry should the not-for-profit make

Sagot :

Answer and Explanation:

The journal entry should the not for profit make is given below;

Capital Expenditures $2,300

     Contribution revenue $2,300

(Being the capital expenditure is recorded)

here the capital expenditure is debited as it increased the expenses and credited the contribution revenue as it also increased the revenue

Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Your questions are important to us at Westonci.ca. Visit again for expert answers and reliable information.