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Scholarships for Hoosiers- Trial Balance

Gixser Pet Rescue Center - Statement of Activities

AutoSave OFF NFP Homework #2_ Student Template Q Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments TimesNewRomanPS V 12 AA ab Wrap Text v General Insert v Ex Delete v Ex AP - O. Paste BIUVV DVAV EE Merge & Center v $ ~ % " Conditional Format Cell Format v Sort & Find & Ideas Sensitivity Formatting as Table Styles Filter Select B44 4 X V fx (Being Scholorships awarded) H K L M N 0 P Q 1 Prepare journal entries based upon the following transactions for Scholarships for Hoosiers Not for profit organization. Upon completion prepare a trial balance The Scholarship for Hoosiers organization hosted its annual fundraiser and received $500k in contributions. Historically, they've collected 85% of what is promised The Scholarship for Hoosiers organization received investments valued at $200k An anonymous donor gave cash gifts of $300k indicating that the gift should be used for recipients from Tippecanoe county. Scholarships for Hoosiers paid their employee salaries for the month in the amount of $18,000 A local CPA volunteered his time to audit the financial statements for the NFP. It took him 20 hours and his normal hourly fee is $ 100/hour. Scholarships for Hoosiers awarded scholarships of $10,000 to Tippecanoe county residents and scholarships of $60,000 to residents from other counties in Indiana. 10 11 12 13 Part A: Prepare in good form the following journal entries Part B: Prepare a trial balance 14 15 GENERAL JOURNAL Preclosing Trial Balance 16 TRANSACTIONS June 30, 2019 17 Account Name DEBIT CREDIT 18 19 REF # Account Name DEBIT CREDIT 20 21 Receipt and Payment A/C $500,000 22 To Contribution received $500,000 23 (Being Contribution recived Receipt and Payment $200,000 26 To Invesetment $200,000 27 (Being Investment Recived) 28 Receipt and Payment $300,000 30 To gift for receiptent from Tippecance county 300,00 (Being cash gift received) Salaries $18,000 To Receipt and Payment $18,000 35 (Being Salary of employees paid) 36 Professional Fees $2,000 38 To Receipt and Payment $2,000 Being fees paid to CPA @100/hr for 20 hours 40 Tinmananan ansinks Cabaloushin Jounal Entries & Trial Balance Problem#2_Trial Balance Prob#2_Statement of Activities Prob#2_Balance Sheet + Ready + 100%AutoSave OFF NFP Homework #2_ Student Template Q Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Calibri (Body) v 14 AA ap Wrap Text v General Insert v Ex Delete v Ex AP - O. Paste BIUVE DVAv Merge & Center v $ ~ % " Conditional Format Cell Sort & Find & Ideas Sensitivity Formatting as Table Styles Format v Filter Select A1 X V fx Gixser Pet Rescue Center C D E G H 1 K L M N P Q R S Gixser Pet Rescue Center W N Trial Balance December 31, 2019 4 Without Donor Restrictions With Donor Restrictions 5 Account Title Debit Credit Debit Credi 6 Cash 30,000 16,000 7 Pledges receivable 10,000 5,000 Allowance for uncollectible pledges 3,000 9 Investments 32,000 10 Accrued interest receivable 1,000 11 Net assets, January 1 2019 67,000 20,000 Contributions 10,000 5,000 13 Service Dog Program fees 45,000 Grant from Anonymous donor 50,000 Unrealized and realized gains on investments 2,000 16 Investment income 1,000 17 Dog nutrition Program Expense 72,000 18 Dog rehabilitation (training) program expense 34,000 Administration expenses 3,000 Net assets with donor-reclassifications out-satisfaction 20 of program restrictions 4.000 Net assets with donor-reclassifications in-satisfaction 21 of program restrictions 4,000 22 182,000 182,000 25,000 25,000 23 24 25 26 27 28 29 30 21 D Jounal Entries & Trial Balance Problem#2_Trial Balance Prob#2_Statement of Activities Prob#2_Balance Sheet + Ready + 100%