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Recording Revenue and Related Expense transactions. The Shannon Community Kitsch provides hot meals to homeless and low income individuals and families, it is the organization?s only program. The Kitchen had the following revenue and expense transactions during the 2014 fiscal year.;1. Unrestricted cash donations of $25,000 were received. A local philanthropist also contributed $3,000, which was to be used for the purchase of Thanksgiving dinner foodstuffs.;2. A local gocery store provided fresh produce with a fair value of $100. The produce was immediately used.;3. Volunteers from the local university contributed 100 hours to preparation and serving of meals. The estimated fair value of their labor was $750.;4. The Kitchen received a $5,000 federal grant for the purchase of institutional kitchen appliances.;5. At Thanksgiving time, the Kitchen spent $4,100 on foodstuffs for preparation of the Thanksgiving dinner.;Required Make all necessary journal entries to record these transactions,.


Paper#74176 | Written in 18-Jul-2015

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