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Question: On July 1, 2011, the Morgan County School District received a $30,000 gift from a local civic organization with the stipulation that, on June 30 of each year, $2,000 plus any interest earnings on the unspent principal be awarded as a college scholarship to the high school graduate with the highest academic average. A private-purpose trust fund, the Civic Scholarship Fund, was created.

a. Record the following transactions on the books of the Civic Scholarship Fund:

(1) On July 1, 2011, the gift was received and immediately invested.

(2) On June 30, 2012, $3,000 of the principal was converted into cash. In addition, $1,800 of interest was received.

(3) On June 30, the $4,800 was awarded to Ann Korner, who had maintained a 4.0 grade point average throughout each of her four years.

(4) The nominal accounts were closed.

b. Prepare a Statement of Changes in Fiduciary Net Assets for the Civic Scholarship Fund for the Year Ended June 30, 2012.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92334407

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