- ransaction 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?
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