Poca Technical Institute

“The organization receivied an in-kind contribution of libary materials that was not recorded. This contribution increases the fixed asset - library materials account and the revenue in-kind contribution - library account by 80,000. This contribution increases the depreciation expense account and the accumulated depreciation account by 2,667 dollars. This contribution was added to the schedule of contributors.”

“Rental income 250 total 250”

“Expenses supplies 283 travel 1,979 insurance 1,042 bank charges 5 credit card fees 1,357 small equipment 700 memberships 100 misc 340 website 623 licensing 2,784 state taxes 60 instructor 1,000 internet 227 library 543 payroll service expense 506 contract employees-poca 13,104 bad debt expense 4,640 non-investment depreciation 2,667 total 31,960”

“Accounts receivable 0 2,707 prepaid expenses and deferred charges 0 1,367 library materials 1 0 80,000 less accumulated depreciation 0 2,667 total 0 81,407”

“Accounts payable and accrued expenses 0 3,206 deferred revenue 0 8,093”

“Poca technical institute is a nonprofit, technical acupuncture school providing affordable acupuncture training and master's level certification.”

“Poca technical institute provides a master's level certificate in acupuncture that both meets accrediation requirements and that prepares student graduates for successful employment. At year end there were 11 active students in the school program.”