Indicate in which asset class unrestricted, temporarily restricted each account is recorded. I need someone to explain this better, if possible.
Here is what I have for journal entries -. Again, this doesn't feel like it's right. I feel like the discount comes into play here and I'm missing it, but I'm not sure how to properly calculate it. Or, the discount doesn't apply because it's the first payment?
Contributions are recorded at fair value. Since the payments are received over a 5 year period, you need to discount the total amount to be received to present value. TR Contributions Revenue, and Cr. The amount of the discount is the present value factor they gave you. The payments are not as far into the future, and therefore, the discount to arrive at the present value is not as steep. The rest of your entries look right.
Hopefully that all made sense. If I a white board, or even a table function, I could lay it out better. I was almost there with one of my ideas for 2. I haven't learned any of the cool functions in Excel yet. Thank you for that. So, just to be sure I've got it: And I was right to have just 30, all throughout 3. Remember on Day 1 January 1 , you already recorded a reserve to the receivables balance. On Dec 31, you are recalculating the reserve, and booking an entry to get the reserve to the right amount based on your Dec 31 calculation.
So you need to book an entry to get the reserve to the right amount Dr. On December 31 of year 2, you'll again recalculate the reserve, and book an adjustment with an offset to revenue. This is due to the change in the reserve from the change in the time value of money. While providing Payroll Accounting assignment answers we try to keep the answers simple and explain each answer with real time examples so students can easily understand what we have done.
We are proud to say that so far none of our students has received poor grade in Payroll Accounting. If you are also facing challenge in this subject then subscribe us as early as possible. Enter your keyword Search. Home Payroll Accounting Homework Answers. Payroll Accounting Assignment Answers Myhomeworkhelp. What does payroll accounting mean? A company has to keep a record of the following expenditures in the accounting books: Gross wages, salaries, commissions, bonuses, and other incomes which a company spend towards its employees.
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