Problem 2 – Discovery Barn, a not for profit science center for children, had the following transactions; 1/3/20 Received a contribution of $30,000 designated for the purchase of computers 1/5/20 Purchased $30,000 of computers, which it estimated to have a 3 year life Required; Prepare the journal entries for the above transactions including any necessary year end adjusting entry. Remember to note whether accounts involved are restricted or unrestricted.

Problem 2 – Discovery Barn, a not for profit science center for children, had the following transactions; 1/3/20 Received a contribution of $30,000 designated for the purchase of computers 1/5/20 Purchased $30,000 of computers, which it estimated to have a 3 year life Required; Prepare the journal entries for the above transactions including any necessary year end adjusting entry. Remember to note whether accounts involved are restricted or unrestricted.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter16: Tax Research

Section: Chapter Questions

Problem 78AM

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