10 May HOW DO THE TWO JOURNAL ENTRIES LOOK?
Accounting for Nonprofit versus for-profit expenditures1. Prepare side by side the correct journal entry for the identical transaction:a. once for a nonprofit entityb. once for a for-profit company2. Include notes for each transactionTransaction 1: Assume a nonprofit has a restricted fund for capital asset purchases. Compare the journal entries for the cashpurchase of a $10 000 computer by the nonprofit to how the journal entry would look for this for-profit.Transaction 2: Assume that a nonprofit has a need for $80 000 for a particular new marketing expenditure and a for-profit entity needs to raise an additional $80 000 to pay for some unanticipated marketing expenses. How would the journal entities look at the acquisition of the funds and the subsequent spending of the funds? Transaction 3: The for-profit entity sells $120 000 with net 30-day terms while the nonprofit entity has a fund raising drive for which they receive pledges of $120 000. How do the two journal entries look?
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