NFP Financial Reporting

You will have $2$ deliverables for this assignment: $(1)$ Part A: Excel Spreadsheet

Part A:

Snowflake Community Symphony Orchestra had the following transactions for the year:

A fund drive raised $$210,000$ cash and $$150,000$ in pledges that will be paid within one year.

A business donated rent$-$free space for the organization that would typically rent for $$48,000$ per year.

Volunteers contributed $$20,000$ of their time to help with mailing materials, answering phones, and other clerical functions.

Salaries and fringe benefits of $$224,600$ were paid during the year, and an additional $$14,200$ of salaries and fringe benefits were accrued.

The Symphony incurred the following expenses during the year: Utilities $-$ $$4,700$; Supplies $-$ $$5,250$; and telephone $$9,600.$ There were no supplies at the end of the year, and accounts payable of $$3,400$ remained on the books.

Part A Deliverable:

In an Excel Spreadsheet prepare journal entries to record the transactions. Label each entry clearly and use Excel formulas for all calculated numbers.