Exercise 14-23 (Algo) Recording Revenue and Related Expense Transactions [LO 14-3] The Shannon Community Kitchen provides hot meals to homeless and low-income individuals and families; it is the organization's only program. It is the policy of the kitchen to use restricted resources for which the purpose has been met before resources without donor restrictions. The Kitchen had the following revenue and expense transactions during the 2023 fiscal year. 1. Cash donations without donor restrictions of $25,500 were received. A philanthropist also contributed $3,500, which was to be used for the purchase of Thanksgiving dinner foodstuffs 2. A local grocery store provided fresh produce with a fair value of $600. The produce was immediately used. 3. Volunteers from the local university contributed 125 hours to preparation and serving of meals. The estimated fair value of their labor was $1,250 4. The Kitchen received a $5,500 federal grant for the purchase of institutional kitchen appliances. 5. A local foundation gave the Kitchen $6,500 to support serving hot meals next year. The money is to be returned to the foundation if the Kitchen does not serve at least 4,500 meals next year. 6. At Thanksgiving time, the Kitchen spent $4,600 on foodstuffs for preparation of the Thanksgiving dinner. Required Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) A Journal entry worksheet < A B D E F Record the $6,500 received to support serving hot meals next year. The money is to be returned to the foundation if the Kitchen does not serve at least 4,500 meals next year. Note: Enter debits before credits. Transaction 05 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < A B D E G Record the $4,600 paid for expenses incurred in preparation of the Thanksgiving dinner. Note: Enter debits before credits. Transaction 6(a) General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < A B C D E F G Record the release of net assets from the with donor restrictions account to the without donor restrictions account. Note: Enter debits before credits. Transaction 6(b) General Journal Debit Credit Record entry Clear entry View general journal