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Sunland Library, a nonprofit organization, presented the following statement of financial position and statement of activities for its Sunland Library Statement of Activities for Year
Sunland Library, a nonprofit organization, presented the following statement of financial position and statement of activities for its Sunland Library Statement of Activities for Year Ended February Support Revenue Expenses Program Services The following transactions occurred during the fiscal year ended February Fees were billed as follows: Service fees $ Book rentals Bookfines $ of the Grant Receivable was received. Another grant in the amount of $ was promised. Contributions in the amounts summarized below were received: Unrestricted $ Restricted Investment income totaled $ for the year. Vouchers for the year were approved as follows: During the year, $ worth of vouchers were paid. Adjustment Data Accounts Payable and Accrued Expenses at February should be $ The difference should be allocated to the following expenses: Research library $ General and administrative Additions to the research library in the amount of $ that were approved in above were made in accordance with the terms of a contribution that had been received earlier and that was restricted for that purpose. The current market value of the investments is $no investment transactions occurred Depreciation amounted to $ for the year. It should be allocated as follows: Circulating library $ Research library General and administrative Prepaid Expenses should be $ The difference should be allocated to: Exhibits $ General and administrative a 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 Entry" for the account titles and enter for the amounts. List all debit entries before credit entries. No Account Titles and Explanation Debit Credit To record grant received To record grant promised Prepare the statement of financial position and the statement of activities for the year ended February Enter negative amounts using either a negative sign preceding the number, eg or parentheses, eg $ $ Liabilities and Fund Balances SUNLANDLIBRARY Statement of Activities For Year Ended February fiscal year ended February Liabilities and Fund Balances Current Liabilities
Sunland Library, a nonprofit organization, presented the following statement of financial position and statement of activities for its Sunland Library
Statement of Activities
for Year Ended February
Support
Revenue
Expenses
Program Services
The following transactions occurred during the fiscal year ended February Fees were billed as follows:
Service fees $
Book rentals
Bookfines
$ of the Grant Receivable was received. Another grant in the amount of $ was promised.
Contributions in the amounts summarized below were received:
Unrestricted $
Restricted
Investment income totaled $ for the year.
Vouchers for the year were approved as follows:
During the year, $ worth of vouchers were paid.
Adjustment Data
Accounts Payable and Accrued Expenses at February should be $ The difference should be allocated to the
following expenses:
Research library $
General and administrative
Additions to the research library in the amount of $ that were approved in above were made in accordance with the
terms of a contribution that had been received earlier and that was restricted for that purpose.
The current market value of the investments is $no investment transactions occurred
Depreciation amounted to $ for the year. It should be allocated as follows:
Circulating library
$
Research library
General and administrative
Prepaid Expenses should be $ The difference should be allocated to:
Exhibits
$
General and administrative
a
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 Entry" for the account titles and enter for the amounts. List all debit entries before
credit entries.
No Account Titles and Explanation
Debit
Credit
To record grant received
To record grant promised
Prepare the statement of financial position and the statement of activities for the year ended February Enter negative
amounts using either a negative sign preceding the number, eg or parentheses, eg
$
$
Liabilities and Fund Balances
SUNLANDLIBRARY
Statement of Activities
For Year Ended February
fiscal year ended February
Liabilities and Fund Balances
Current Liabilities
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