Entries for Voluntary Health and Welfare Organizations

The following are the 20X2 transactions of the North Atlantic Fishery, which has the following funds and fund balances on January 1, 20X2:

Net Assets without Donor Restrictions	281000
Net Assets with Donor Restrictions	306000

Had unrestricted pledges totaling $700,000, of which $150,000 is for 20X3, and uncollectible pledges estimated at 8 percent.

Had restricted use grants totaling $150,000.

Collected a total of $520,000 of current pledges and wrote off $30,000 of remaining uncollected current pledges.

Purchased office equipment for $15,000.

Used unrestricted funds to pay the $3,000 mortgage payment due on the buildings.

Received interest and dividends of $27,200 on unrestricted investments and $5,400 on temporarily restricted investments.

An endowment investment with a recorded value of $5,000 was sold for $6,000, resulting in a realized transaction gain of $1,000.

A donor-imposed restriction specified that gains on sales of endowment investments must be maintained in the permanently restricted endowment fund.

Recorded and allocated depreciation as follows:

Community Services	12000
Public Health Education	7000
Research	10000
Fund-Raising	15000
General and Administration	9000

Had other operating costs of the current fund net assets with donor restrictions:

Community Services	250600
Public Health Education	100000
Research	81000
Fund-Raising	39000
General and Administration	61000

Received clerical services totaling $2,400 donated during the fund drive. These are not part of the expenses reported in item 8.

It has been determined that these donated services should be recorded.

Required:

1. create journal entries for the transactions in 20X2.
2. create statement of activities for 20X2.

a	create journal entries for the transactions in 20X2.
	Note: Use cell A2 to C40 from the given information to complete this question.
1						Accounts Payable	With Donor Restriction
						Accumulated Depreciation	Without Donor Restriction
						Allowance for Uncollectible Pledges
						Cash
						Cash - Unrestricted
2						Cash - With Donor Restrictions
						Cash - Without Donor Restrictions
						Community Services Expense
3						Contributions - With Temporary Donor Restrictions
						Contributions - Without Donor Restrictions
						Donated Services
						Endowment Investments
						Fund Raising Expense
						Gain on Sale of Investments - With Donor Restrictions
						General and Administrative Expense
4						Grants Receivable
						Investment Income - With Donor Restrictions
						Investment Income - Without Donor Restrictions
5						Land, Buildings and Equipment
						Mortgage Payable
						No Entry
6						Pledges Receivable
						Public Health Education Expense
						Research Expense
7
8
9
b	create statement of activities for 20X2.
	Note: Use cell A2 to C40 from the given information to complete this question.
	North Atlantic Fishery
	Statement of Activities
	For the Year Ended December 31, 20X2
				Total
			-
			-