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Question: question text accounting for contributions with donor restrictions on january...
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Question text
Accounting for contributions with donor restrictions
On January 1, 2019, a member of a nonprofit hospital’s board of directors passed away. His will provided a $35,000 contribution to the hospital to upgrade the skills of its nurses. During January, the hospital spent $15,000 to train the nurses. Prepare journal entries to record the transactions.
| Description | Debit | Credit |
|---|---|---|
|
To record receipt of the donation |
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To record reclassification of net assets. |
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To record payment for training costs. |
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