Required information Skip to question The following information applies to the questions displayed below 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 $ 2,490 Short term Investments 13,611 Grants Receivable 6,100 Prepaid Expense 1,285 Equipment 10,095 Allowance for DepreciationEquipment $ 2,576 Long Term InvestmentsWith Donor Restrictions 5,917 Accounts Payable and Accrued Expenses 2,799 Deferred Revenue 4,300 Net Assets Without Donor Restrictions 9,161 Net Assets With Donor RestrictionsPrograms 14,745 Net Assets With Donor RestrictionsPermanent Endowment 5,917 Totals $ 39,498 $ 39,498 Following is information summarizing the transactions of the Art League for the year ended June 30, 2020 During the year, unrestricted cash was received from the following sources grants determined to be non exchange transactions, $13,100, of which $5,350 had been reported as receivable on June 30, 2019 annual contributions from fund drives and other unrestricted gifts, $14,011 membership dues, $17,035 tuition and fees for educational workshops, $7,124 and sales of members art, $12,160, of which 10 percent represents commissions earned by the Art League Interest earnings were as follows interest on investments without donor restrictions totaled $701 interest on investments restricted for programs totaled $940 interest on investments in the permanent endowment totaled $359 (these investment earnings are restricted for program use) Grants receivable of $5,320 were recorded at year end on a grant to complete and deliver a survey of art programs conducted in its county (the grant was determined to be an exchange transaction) Of the $5,320 the Art League had invoiced, $3,270 related to work done this year with the remaining $2,050 to be completed the first part of the new year and thus was reported as deferred revenue at year end The Art League receives free rent from the city at an estimated value of $19,500 a year Expenses incurred during the year were as follows salaries and fringe benefits, $48,400 utilities $3,230 printing and postage, $1,460 and miscellaneous, $790 As of year end, the balances of the following accounts were Prepaid Expenses, $990, and Accounts Payable and Accrued Expenses, $2,971 During the year, $3,650 of short term investments were sold, with the proceeds used to purchase two computers and a printer at a cost of $2,985 The resources used were restricted for the purchase of equipment In accordance with the terms of the Art League endowment, income earned by the endowment for the provision of free art instruction for children with disabilities was provided at a cost of $975 This amount was allocated to community art education Depreciation on equipment in the amount of $1,792 was recorded Expenses for the year were allocated 30 percent to Exhibition Program, 20 percent to Community Art Education, 30 percent to Management and General Expenses, and 20 percent to Fund Raising Proceeds of art sales, net of commissions charged by the Art League, totaled $10,944 This amount was paid to member artists during the year All nominal accounts were closed at year end rev 11 27 2019 QC CS 191779 Required Prepare journal entries to record these transactions Expense transactions should be initially recorded by object classification, unless otherwise instructed in entry 9, expenses will be allocated to functions (If no entry is required for a transaction event, select No Journal Entry Required in the first account field Do not round intermediate calculations Round your answers to the nearest whole dollar amount )

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Required information Skip to question [ The following information applies to the questions displayed below . ] The Art League is a not-for-profit organization dedicated

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[The following information applies to the questions displayed below.] 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	$	2,490
Short-term Investments		13,611
Grants Receivable		6,100
Prepaid Expense		1,285
Equipment		10,095
Allowance for DepreciationEquipment			$	2,576
Long-Term InvestmentsWith Donor Restrictions		5,917
Accounts Payable and Accrued Expenses				2,799
Deferred Revenue				4,300
Net Assets Without Donor Restrictions				9,161
Net Assets With Donor RestrictionsPrograms				14,745
Net Assets With Donor RestrictionsPermanent Endowment				5,917
Totals	$	39,498	$	39,498

Following is information summarizing the transactions of the Art League for the year ended June 30, 2020.

During the year, unrestricted cash was received from the following sources: grants determined to be non-exchange transactions, $13,100, of which $5,350 had been reported as receivable on June 30, 2019; annual contributions from fund drives and other unrestricted gifts, $14,011; membership dues, $17,035; tuition and fees for educational workshops, $7,124; and sales of members art, $12,160, of which 10 percent represents commissions earned by the Art League.
Interest earnings were as follows: interest on investments without donor restrictions totaled $701; interest on investments restricted for programs totaled $940; interest on investments in the permanent endowment totaled $359 (these investment earnings are restricted for program use).
Grants receivable of $5,320 were recorded at year-end on a grant to complete and deliver a survey of art programs conducted in its county (the grant was determined to be an exchange transaction). Of the $5,320 the Art League had invoiced, $3,270 related to work done this year with the remaining $2,050 to be completed the first part of the new year and thus was reported as deferred revenue at year end.
The Art League receives free rent from the city at an estimated value of $19,500 a year.
Expenses incurred during the year were as follows: salaries and fringe benefits, $48,400; utilities $3,230; printing and postage, $1,460; and miscellaneous, $790. As of year-end, the balances of the following accounts were Prepaid Expenses, $990, and Accounts Payable and Accrued Expenses, $2,971.
During the year, $3,650 of short-term investments were sold, with the proceeds used to purchase two computers and a printer at a cost of $2,985. The resources used were restricted for the purchase of equipment.
In accordance with the terms of the Art League endowment, income earned by the endowment for the provision of free art instruction for children with disabilities was provided at a cost of $975. This amount was allocated to community art education.
Depreciation on equipment in the amount of $1,792 was recorded.
Expenses for the year were allocated 30 percent to Exhibition Program, 20 percent to Community Art Education, 30 percent to Management and General Expenses, and 20 percent to Fund-Raising.
Proceeds of art sales, net of commissions charged by the Art League, totaled $10,944. This amount was paid to member artists during the year.
All nominal accounts were closed at year-end.

rev: 11_27_2019_QC_CS-191779

Required

Prepare journal entries to record these transactions. Expense transactions should be initially recorded by object classification, unless otherwise instructed; in entry 9, expenses will be allocated to functions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)