The following events occurred to the Cancer Research Foundation during the fiscal year ended June 30,

Transcribed Image Text: 2. The following events occurred to the Cancer Research Foundation during the fiscal year ended June 30,
20X1:
Unrestricted pledges for P300,000 were received. It is estimated that 10% will not be collectible.
P260,000 was collected on pledges. It is estimated that another P10,000 will be collected next year.
Received P40,000 from Manila Bulletin. The amount was net of P5,000 for fund-raising expenses.
Invested P35,000 in certificates of deposit. During the year, it collected P2,000 interest. At year-end,
the accrued interest amounted to P1,000.
Collected P5,000 in cash from sales of its booklet “How to Cope with Cancer.”
Expenses paid in cash during the year were as follows:
Salaries
Employee Fringe Benefits
Раyroll Taxes
Supplies
Telephone
Utilities
P90,000
15,000
16,000
7,000
1,500
6,000
10,000
5,000
1,000
3,000
Rent
Conferences, Conventions, and Meetings
Cost of Booklet “How to Cope with Cancer”
Miscellaneous
• Accrued expense at year-end amounted to P1,000 for utilities and P5,000 for salaries.
The board of directors (BOD) specified that P10,000 should be used to purchase a new computer for
research purposes.
Required: Prepare the journal entries to record the above events in the Unrestricted Current Fund.

-25-


Buy plagiarism free, original and professional custom paper online now at a cheaper price. Submit your order proudly with us



Essay Hope