Individual Project 2.docx - Individual Project 2 ACCT445...

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Individual Project 2 – ACCT445 Not-for-Profit Accounting 9/23/2017 Arsal Habib American Intercontinental University
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Arsal Habib Individual Project 2 ACCT445 – Institutional Accounting 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. Table 1: Transaction 1 Journal Entry: For-Profit. Account Title Debit Credit XYZ Equipment – Computer $10,000 XYZ Cash $10,000 (Transaction to record the purchase of a computer for the company) Table 2: Transaction 1 Journal Entry: Not for Profit Entity Account Title Debit Credit XYZ Cash $10,000 XYZ Restricted Fund (Cash) $10,000 (Capitalizing restricted fund into cash for computer transaction)
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Arsal Habib Individual Project 2 ACCT445 – Institutional Accounting Account Title Debit Credit XYZ Expenses – General (Computer) $10,000 XYZ Cash $10,000 (Transaction to record the purchase of computer for the non-profit) Transaction 2:
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