Accounting

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,.