Hi, I am done with my assignment but I have some things that I got wrong. Could you please review the boxes below that have a red X and let me know what I did wrong? I have copy and pasted the entire problem, including my journal entries, below. Any help is so appreciated!
========================
The Art League is a not-for-profit organization dedicated to promoting the arts within the community. There are two programs conducted by the Art League: (1) exhibition and sales of members' art (referred to as Exhibition) and (2) Community Art Education. Activities of the Art League are conducted by a part-time administrator, a part-time secretary-bookkeeper, and several part-time volunteers. The volunteers greet visitors, monitor the security of the 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.
ART LEAGUE Post-closing Trial Balance June 30, 2019 Debits Credits Cash $ 2, 840 Short-term Investments 12, 611 Grants Receivable 5, 100 Prepaid Expense 1, 135 Equipment 9,595 Allowance for Depreciation-Equipment $ 2, 476 Long-Term Investments-With Donor Restrictions 5, 817 Accounts Payable and Accrued Expenses 2, 699 Deferred Revenue 3,300 Net Assets Without Donor Restrictions 9, 061 Net Assets With Donor Restrictions-Programs 13 , 745 Net Assets With Donor Restrictions-Permanent Endowment 5, 817 Totals $37, 098 $37, 098N 11(a) Contributions-Without Donor Restrictions 39,361 X Membership Dues 16,785 X Grant Revenue 3,170 Tuition and Fees 7,024 Commission Revenue 2,452 X Investment Income-Without Donor Restrictions 736 X Net Assets Without Donor Restrictions 4,119 X Exhibition Program 21,972 X Community Art Education 22,797 x Management and General 18,393 x Fund-Raising 11,235 X O 11(b) Investment Income-With Donor Restrictions 1,769 X Net Assets With Donor Restrictions 1,769 X P 11(c) Net Assets With Donor Restrictions V 4,160 X Net Assets Released-Satisfaction of Purpose Restriction-With 4,160 x Q 11(d) Net Assets Released-Satisfaction of Purpose Restriction-Without 4,160 X Net Assets Without Donor Restrictions 4,160 XNo Transaction General Journal Debit Credit A 01 Cash O 61,880 x Contributions-Without Donor Restrictions O 21,161 Grants Receivable 5,400 x Membership 16,535 Tuition and Fees 7,024 Commission Revenue 2,412 x Payable to Artists 9,648 X B 02 Cash 1,970 Investment Income-With Donor Restrictions 691 X Investment Income-Without Donor Restrictions 1,279 x C 03 Grants Receivable 5,120 Grant Revenue 3,170 Deferred Revenue 1,950 D 04 Rent Expense 18,500 Contributions-Without Donor Restrictions 18,500 E 05 Salaries and Benefits Expense 47,400 Utilities Expense 3,130 Printing and Posting Expense 1,360 Miscellaneous Expense 690 Cast 52,213 Prepaid Expenses 245 Accounts Payable and Accrued Expenses 122 F 6(a) Cash 3,150 Short-Term Investments 3,150 G 6(b) Equipment 2,885 Cash 2,885H 6(c) Net Assets Released-Satisfaction of Purpose Restriction-With Dad 2,885 Net Assets Released-Satisfaction of Purpose Restriction-Without 2,885 7(a) Community Art Education 875 Cash 875 7(b) Net Assets Released-Satisfaction of Purpose Restriction-With Dad 875 Net Assets Released-Satisfaction of Purpose Restriction-Without 875 K 08 Depreciation Expense 1,692 Allowance for Depreciation-Equipment 1,692 L 09 Exhibition Program O 21,972 X Community Art Education 21,972 x Management and General 18,393 x Fund-Raising 11,235 x Rent Expense 18,500 Salaries and Benefits Expense 47,400 Utilities Expense 3,130 Printing and Posting Expense 1,360 Miscellaneous Expense 690 Depreciation Expense 1,692 M 10 Payable to Artists 10,854 Cash 10,854
