Williams University, a private, nonprofit university, relies upon contributions of supplies, books, and computer equipment...
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Accounting
Williams University, a private, nonprofit university, relies upon contributions of supplies, books, and computer equipment to run its accounting tutoring lab. During the current fiscal year, Williams receives supplies and books with a fair value of $60,000 and computer equipment with a fair value of $120,000 from alumni donors. Donors do not place restrictions on how the supplies and computers must be used. 1. Record the journal entry for the gift. Enter accounts in order of magnitude (largest to smallest amounts), debits first.If no adjustment is necessary, select 'No debit (or credit) entry needed' in the accountfields and enter 0 in the amount fields.
Account
Debit
Credit
To record the contribution
2. How would the gift be recorded if Williams University were a public university? 3. If the donation had instead been for donated tutoring serivces, how would the gift be recognized by a public or privatge, nonprofit university?
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