acc_202_week_2_problem_12_16_12_17...

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acc_202_week_2_problem_12_16_12_17...

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12-5 With regard to accounting for private, not-for-profit health care entities, do the following:a. Outline the accounting required, under FASB guidance, for a(n):1. Endowment gift received in cash:It is recorded as a permanently restricted asset, Debit: Cash and Credit: Contributions Permanently Restricted2. Pledge received in 2011, unrestricted as to purpose but restricted for use in 2012.It should be recorded as temporarily restricted revenue and reclassified in 2012, Debit: Cash and Credit: contributions Temporarily Restricted.3. Pledge received in 2011, restricted as to purpose other than acquisition of fixed assets, which is fulfilled in 2012.It should be recorded as temporarily restricted revenue and then reclassified when it is expended, Debit: Cash and Credit: Contributions Temporarily Restricted.b.

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