There is one research case in this assignment. You will submit your answer directly on D2L. You may submit your response by following the link to Research and Exams in the navigation bar. Once you select Research and Exams you will be able to select “Research Assignment #3”. You should perform your research prior to opening the link.
In selecting the correct directly on point authoritative guidance remember the following sections will not provide directly on point guidance:
- Section 00: Status
- Section 05: Overview and Summary
- Section 10: Objective
- Section 15: Scope and Scope Exceptions
- Section 20: Glossary
- Section 55: Implementation Guidance and Illustrations:
Any answers that use these sections as the directly on point guidance will be incorrect. No partial credit will be given for any research submissions which use any of these sections.
Cailor Computers has an August 31st, year end and is privately held. On July 20th, 2022, Cailor Corporation pledged to donate computers to a local school district. The balance for the computers on the company’s balance sheet is $100,000 which approximates the computers fair value. The pledge stipulated that the donation would be made on September 1, 2022. Cailor made the donation on September 1, 2022. Cailor Computer’s controller is unsure of when and how to record the donation.
Accounting Issue: When should Cailor recognize the donation to the school district? What are the correct accounts that should be used to record the journal entry?
- Codification Reference:
- Your answer/interpretation of the guidance for how it applies to Cailor; should they recognize the donation in July 2022 or September 2022? Also, what accounts should be used to record the journal entry?
- Record the journal entry for the donation. Clearly indicate the date and the account names for the journal entry.
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