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Can you assist me with this question? and APA format. Journal Entries

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You are believer that new employees should practice their accounting skills before "throwing them into the fire." Therefore, you have listed a series of transactions that require journal entries and updating of T-Accounts.;You know that preparing nonprofit journal entries are easy, so you ask the new employee to;prepare, side by side, the correct journal entry for the identical transaction;once for a nonprofit entity;once for a for-profit company;include notes for each transaction;Transaction 1: Assume a nonprofit has a restricted fund for capital asset purchases. Compare the journal entries for the cash purchase 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?;Please submit your assignment.;The following grading criteria will apply to this assignment;Grading Criteria;30%;For Transaction 1, prepare, side by side, the correct journal entry for a nonprofit entity and a for-profit company.;30%;For Transaction 2, prepare, side by side, the correct journal entry for a nonprofit entity and a for-profit company 1.;30%;For Transaction 3, prepare, side by side, the correct journal entry for a nonprofit entity and a for-profit company.;10%;All Notes in the journal entries are correct.;For assistance with your assignment, please use your text, Web resources, and all course materials.;Unit Materials

 

Paper#79093 | Written in 18-Jul-2015

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