Not for profit journal entry? please advise

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  • #165823
    greeneyesCPA
    Participant

    I have a question on Not for profit. If a not for profit receives $150 ($50 of which was accrued), what would be the journal entry? Please remember NFP’s have unrestricted, restricted and permanently restricted classifications for contributions.

    FAR Passed
    BEC Passed
    AUD Passed
    REG Passed

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  • #326575

    I'm not sure I fully understand the facts, but:

    dr Cash $100

    dr Pledges Receivable $50

    cr Contributed Revenue, Unrestricted $150

    When you say accrued, do you mean that it received a pledge for that much or that it received the cash but $50 was restricted for future periods? I took you to mean the first one. But if you mean the second one:

    dr Cash $150

    cr Contributed Revenue, Unrestricted $100

    cr Contributed Revenue, Temporarily Restricted $50

    Is there something else you meant?

    REG 82 (10/07/11)
    BEC 88 (11/01/11)
    FAR 86 (11/21/11)
    AUD 82 (11/30/11)
    ----------
    Roger CPA Review, live & cram course

    #326576
    greeneyesCPA
    Participant

    Thats all the info i have…

    Accrued means it was recorded as revenue with an AR account, but not received yet, correct. I figured the journal entry would look like this:

    Dr Cash 150

    Cr AR 50

    Cr Contribution revenue 100

    FAR Passed
    BEC Passed
    AUD Passed
    REG Passed

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