Question 9 of 10 Cullumber Library, a nonprofit organization, presented the following statement of inancial position and statement of activities for its fiscal year ended February 28, 2024. Cullumber Library Statement of Financial Position February 28, 2024 Temporarily Assets Unrestricted Restricted Current Assets Cash $ 310,000 584,000 Grants Receivable 75.000 Prepaid Expenses 71.000 Total 460.000 Investments (at market) 1.017.000 Land, Building, and Equipment (less accumulated depreciation of $57 489,000 Total Assets $1,966.000 $84.,000 Liabilities and Fund Balances Current Liabilities Accounts Payable and Accrued Expenses 148.000 Total 148.000 Long-Term Debt 207.000 Fund Balances 1.611.000 84,000 Total Liabilities and Fund Balances $1,966.000 $84.,000 Cullumber Library Statement of Activities for Year Ended February 28, 2024 Temporarily Support and Revenue Unrestricted Restricted Support Grants $68,000 $0 Gifts 315,000 84,000 Total $383.000 84,000 Revenue Service Fees 21,000 Book Rentals and Fines 105,000 Investment Income 77.000 Total $203.000 0 Total Support and Revenue $586,000 $84,000 * Expenses Program Services Circulating Library $229.000 Research Library 20,000 Exhibits 18.000 Community Services 11.000 Total 348,000 0- Supporting Services General and Administrative 192.000 Fund raising 109,000 Fund raising 109,000 Total $301.000 $0 Total Expenses 5649000 50 Increase (decrease) in Net Assets (63.000) 84,000 Fund BalancesBeginning of Year 1,674,000 0 Fund BalancesEnd of Year 1.611,000 $84.,000 The following transactions occurred during the fiscal year ended February 28, 2025. 1. Fees were billed as follows: Service fees $31,440 Book rentals 45,600 Book fines 76,610 2. 40,680 of the Grant Receivable was received. Another grant in the amount of $20,380 was promise 3. Contributions in the amounts summarized below were received: Unrestricted $217.710 Restrictad 115,830 4, Investment income totaled $76.110 for the year. 5. Vouchers for the year were approved as follows: Circulating library $196,750 Research library 69,140 Exhibits 15770 Exhibits 15,770 Community services 10,810 General and administrative 182,270 Fund raising 98,870 Total $573,610 6. During the vear, $4460.500 worth of vouchers were paid. Adjustment Data 7. Accounts Payable and Accrued Expenses at February 28, 2025, should be $269,060. The difference should be allocated to the following expenses: Research library $4,650 General and administrative 3,200 8. Additions to the research library in the amount of $62.630 that were approved in (5) above were made in accordance with the terms of a contribution that had been received earlier and that was restricted for that purpose. 9. The current market value of the investments is $1,033,240 [no investment transactions occurred). 10. Depreciation amounted to $8,533 for the vear. It should be allocated as follows: Circulating library $3,200 Research library 2,633 General and administrative 2,700 11. Prepaid Expenses should be $65,863. The difference should be allocated to: Exhibits $3,725 l) General and administrative 1412 ' Prepare journal entries to record the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No ent No. Account Titles and Explanation Debit Credit Accounts Payable and Accrued Expenses Accounts Receivable Accumulated Depreciation Book Bentals 2nd Fines Revenue Cash Cash - Temporarily Restricted 2. Cash - Unrestricted Circulating Library Expenses Community Services Expenses Contributions - Gifts Contributions - Restricted Support Educational and General Expenses Endowment Fund Endowment Income Exhibits Expenses Fund Balance Fund Raising Expenses General and Administrative Expenses Grants Receivable 7 \f8. (To release funds from restricted into unrestricted assets) (To receive funds into unrestricted from restricted assets) 10. v v 11. v