forest hill lodge lodge is a seniors residence operated as a not for profit organization during 20×2 lodge built a new bingo/
Required
1. Based on the information provided, prepare a partial SFP to capture all activities related to the bingo hall, assuming Lodge uses the deferral method and does not have a separate capital fund for the bingo hall.
2. Differentiate between expenditure accounting and expense accounting as they apply to the $ 1,200,000 cost of the bingo hall.
3. Identify the conditions that must be met to recognize the value of volunteers’ time in the financial statements of a not- for- profit organization.
4. Prepare the journal entry that would be made under the deferral method if volunteers’ services were to be recorded at a value of $ 10,000.

