Help Save & Exit Submit 2-2 Assignment Check my work 4 promoting the arts within the community There are two The Art League is a not-for-profit organization dedicated to conducted by the Art League:(1) exhibition and sales of members' art (referred to as Exhibition) and (2) Art Education. Activities of the Art League are conducted by a part-time administrator, a part-time and several part-time volunteers. The volunteers greet visitors, monitor the security of the 15 points secretary-bookkeeper, exhibit hall, and handle the sales of art to the public. Art on exhibit is considered the property of the member artists, not the Art League The post-closing trial balance for the Art League as of June 30, 2019, is shown here eBook Post-closing Trial Balance June 30, 2019 Debit 13,911 1,330 Short-tern Investments Grants Receivable Prepaid Expense 18,245 Allowance for Depreciation-Equipment Long-Tere Investments-With Donor Restrictions Accounts Payable and Accrued Expenses Deferred Revenue Net Assets without Doner Restrictions Net Assets With Donor Restrictions-Prograns Net Assets With Donor Restrictions-Permanent Endoument s 2,606 9,191 15,845 5,947 Following is information summarizing the transactions of the Art League for the year ended June 30, 2020 1. During the year, unrestricted cash was received from the following sources grants, $13,400, of which $5.500 had been reported as receivable on June 30. 2019, annual contributions from fund drives and other unrestricted gifts S12.190, of which 20 percent represents commissions e investments restricted for 5362 (these investment donor restrictions) and $2.080 was reported as deferred revenue p dues, $17,85, tuition and fees for educational workshops, $7154, and sales of members' art st earnings were as follows: interest on investments without donor restrictions totaled $704, interest on programs totaled $943, interest on investments in the permanent endowment totaled earnings are restricted for program use) 3 Grants receivable as of year end totaled $5.380, of which $3,300 was earned in the current year (thus without 4. The Art League receives free rent from the city at an estimated value of $19,800 a year 5 Expenses incurred during the year were as follows: salaries and fringe benefits, $48,700 utilities $3,260: printing and postage, Prepaid Expenses, $1,020, and Accounts Payable and Accrued Expenses, $3.016 and a printer at a cost of $3.015. The resources used were restricted for the purchase of equipment of free art instruction for children with disabilities was provided at a cost of $1,005 This amount was allocated to community art education $1,490, and miscellaneous, $820 As of year-end, the balances of the following accounts were 6. During the year, $3,800 of short-term investments were sold, with the proceeds used to purchase two computers 7. In accordance with the terms of the Art League endowrnent, income earned by the endowment for the provision 8 Depreciation on equipment in the amount of $1,822 was recorded 9 Expenses for the year were allocated 30 percent to Exhibition Program, 30 percent to Community Art Education 10 Proceeds of art sales, net of commissions charged by the Art League, totaled $9,752 This amount was paid to 11 All nominal accounts were closed at year-end 25 percent to Management and General Expenses, and 15 percent to Fund-Raising member artists during the year Required b Prepare journal entries to record these transactions. Expense transactions should be initially recorded by object classification unless otherwise instructed in entry 9 expenses will be allocated to functions. (If no entry is required for a transaction/event select "No Journal Entry Required" in the first account field. Do not round intermediate colculations. Round your answers to the nearest whole doller emount.) Prey 4of4E Next DX Help Save & Exit Submit 2-2 Assignment Check my work 4 promoting the arts within the community There are two The Art League is a not-for-profit organization dedicated to conducted by the Art League:(1) exhibition and sales of members' art (referred to as Exhibition) and (2) Art Education. Activities of the Art League are conducted by a part-time administrator, a part-time and several part-time volunteers. The volunteers greet visitors, monitor the security of the 15 points secretary-bookkeeper, exhibit hall, and handle the sales of art to the public. Art on exhibit is considered the property of the member artists, not the Art League The post-closing trial balance for the Art League as of June 30, 2019, is shown here eBook Post-closing Trial Balance June 30, 2019 Debit 13,911 1,330 Short-tern Investments Grants Receivable Prepaid Expense 18,245 Allowance for Depreciation-Equipment Long-Tere Investments-With Donor Restrictions Accounts Payable and Accrued Expenses Deferred Revenue Net Assets without Doner Restrictions Net Assets With Donor Restrictions-Prograns Net Assets With Donor Restrictions-Permanent Endoument s 2,606 9,191 15,845 5,947 Following is information summarizing the transactions of the Art League for the year ended June 30, 2020 1. During the year, unrestricted cash was received from the following sources grants, $13,400, of which $5.500 had been reported as receivable on June 30. 2019, annual contributions from fund drives and other unrestricted gifts S12.190, of which 20 percent represents commissions e investments restricted for 5362 (these investment donor restrictions) and $2.080 was reported as deferred revenue p dues, $17,85, tuition and fees for educational workshops, $7154, and sales of members' art st earnings were as follows: interest on investments without donor restrictions totaled $704, interest on programs totaled $943, interest on investments in the permanent endowment totaled earnings are restricted for program use) 3 Grants receivable as of year end totaled $5.380, of which $3,300 was earned in the current year (thus without 4. The Art League receives free rent from the city at an estimated value of $19,800 a year 5 Expenses incurred during the year were as follows: salaries and fringe benefits, $48,700 utilities $3,260: printing and postage, Prepaid Expenses, $1,020, and Accounts Payable and Accrued Expenses, $3.016 and a printer at a cost of $3.015. The resources used were restricted for the purchase of equipment of free art instruction for children with disabilities was provided at a cost of $1,005 This amount was allocated to community art education $1,490, and miscellaneous, $820 As of year-end, the balances of the following accounts were 6. During the year, $3,800 of short-term investments were sold, with the proceeds used to purchase two computers 7. In accordance with the terms of the Art League endowrnent, income earned by the endowment for the provision 8 Depreciation on equipment in the amount of $1,822 was recorded 9 Expenses for the year were allocated 30 percent to Exhibition Program, 30 percent to Community Art Education 10 Proceeds of art sales, net of commissions charged by the Art League, totaled $9,752 This amount was paid to 11 All nominal accounts were closed at year-end 25 percent to Management and General Expenses, and 15 percent to Fund-Raising member artists during the year Required b Prepare journal entries to record these transactions. Expense transactions should be initially recorded by object classification unless otherwise instructed in entry 9 expenses will be allocated to functions. (If no entry is required for a transaction/event select "No Journal Entry Required" in the first account field. Do not round intermediate colculations. Round your answers to the nearest whole doller emount.) Prey 4of4E Next DX