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Record the transactions below for the Y, a nonprofit organization that uses accrual accounting. Record the transactions needed for the 2015 calendar year. Be sure

Record the transactions below for the Y, a nonprofit organization that uses accrual accounting. Record the transactions needed for the 2015 calendar year. Be sure to identify the balance sheet categories and accounts used in each transaction. Attach a spreadsheet to show your work.

a. On January 1, 2015, the Y acquired gym equipment costing $200,000 for cash. The equipment has an expected life of 10 years with a residual value of 20%. The Y uses straight-line depreciation.

b. On January 1, 2015, 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, 15% of members do not renew and will not pay the bill. The Y recognizes all membership revenue when members are billed.

c. On April 1, 2015, the Y paid $70,000 for expenses related to its annual fund-raising drive.

d. On April 1, 2015 the Y conducted its fundraising drive and received $150,000 in cash donations.

e. On July 12, 2015 the Y purchased $145,000 worth of supplies and paid its suppliers $175,000.

f. On August 20, 2015 the Y collected $350,000 that was owed to them for fiscal year 2014 membership renewals.

g. Through December 31st, the Y used $130,000 worth of supplies.

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