Record the transactions below for the Y, a nonprofit organization that uses accrual accounting. Record the transactions needed for the 2020 calendar year.Be sure to identify the balance sheet categories and accounts used in each transaction.Attach a spreadsheet to show your work.

1. On January 1, 2020, the Y acquired gym equipment costing $250,000 for cash. The equipment has an expected life of 5 years with a residual value of 20%. The Y uses straight-line depreciation.
2. On January 1, 2020, the Y sent membership-renewal notices to all of its existing members. If all of the members renewed, the Y would receive $600,000. Historically, 10% of members do not renew and will not pay the bill. The Y recognizes all membership revenue when members are billed.
3. On April 1, 2020, the Y paid $50,000 for expenses related to its annual fund-raising drive.
4. On April 1, 2020 the Y conducted its fundraising drive and received $200,000 in cash donations.
5. On July 12, 2020 the Y purchased $150,000 worth of supplies and paid its suppliers $165,000.
6. On August 20, 2020 the Y collected $300,000 that was owed to them for fiscal year 2019 membership renewals.
7. Through December 31^st, the Y used $150,000 worth of supplies.