Accounts Payable Allowance for Uncollectible Accounts Bad Debt Expense Cash Contribution Revenue - With Donor Restrictions Contributions Receivable Contribution Revenue -Without Donor Restrictions Deferred Revenue Endowment Gifts In Kind - Donated Services Gifts In Kind -Donated Material Grant Revenue Investment Investment Income Investment Income - With Donor Restriction Salary Expense NAWDR- Reclass Out NAWODR - Reclass in Net Assets With Donor Restrictions Net Assets Without Donor Restrictions No Entry Pledges Receivable Program Expense - Education Program Expense - Research Program Expense - Scholarships Special Event Revenue Supporting Expense -Fundraising Supporting Expense-Administrative Supporting Expense-Professional Services Salary Expense Salary Expense A local CPA volunteered his time to audit the financial statements for the NFP. It took him 38 hours and his normal hourly fee is $250 /hour. f(1) f(2) Scholarships for Hoosiers awarded scholarships of $100,000 to students with perfect attendance and GPA below 2.5 and scholarships of $260,000 to students with Perfect attendance above 2.6. All of the scholarships were scheduled to be paid the following year. Record the necessary entry. Scholarships for Hoosiers awarded scholarships of $100,000 to students with perfect attendance and GPA below 2.5 and scholarships of $260,000 to students with Perfect attendance above 2.6. All of the scholarships were scheduled to be paid the following year. Record the reclassification entry. g Scholarships from hoosiers received $605,000 of the contributions in item (a). They wrote off the balance. Requirement 1: Prepare journal entries and a trial balance based upon the following transactions for Scholarships for Hoosiers Not for profit organization. Part A: Prepare in good form the following journal entries. Enter all dollar amounts with values since cell references not provided. Enter debit entries before credit entries. General Journal For Year Ending December 31, 2021 Ref\# a Account (Debit) The Scholarship for Hoosiers organization hosted its annual fundraiser and received $680,000 in contributions. Historically, ther've collected 90% of what is promised. Thev do NOT utilize the direct write off method. Contributions Receivable b b c The Scholarship for Hoosiers organization received investments valued at $325k Investment Contribution Revenue - Without Donor Restrictions Contribution Revenue - With Donor Restrictions 680,000 Scholarships for Hoosiers paid their employee salaries for the month in the amount of $48,000 Salary Expense Salary Expense Salary Expense CREDIT Historically, d A local CPA volunteered his time to audit the financial statements for the NFP. It took him 38 hours and his normal hourly fee is $250 /hour. Part B: Prepare a preclosing trial balance. Use cell references from Part A to complete. Preclosing Trial Balance December 31, 2021 Requirement 2: Prepare the Statement of Activities and Statement of Financial Position for Tony's Hope Rehabilitation Center using the trial balance provided