(500 Words + Journal Entries)
Your city has a voluntary health and welfare organization (VHWD) that provides musical opportunities for inner-city youth. It does not use fund accounting, but it does identify all revenues by their net asset class. The following transactions have occurred in the past year:
Please make a journal entry for each of the transactions. Remember that the revenues must be classified as unrestricted, temporarily restricted, or permanently restricted. The main areas for information on financial reporting for not-for-profit organizations (NFPOs) and VHWOs can be found in Financial Accounting Standards Board (FASB) statements 116 and 117. For your VHWO, you will have to make an additional report that is not required for NFPOs.
Provide examples of the types of information that would be included in this report.