Accounting
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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,.
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