The ADA Foundation, a private not-for-profit entity, starts 2019 with:

Cash

$ 900,000

Contributions receivable

$ 1,800,000

Investments

$ 2,700,000

Land, Building, Equipment

$ 1,250,000

Total

$ 6,650,000

Liabilities	$ 1,400,000
Unrestricted net assets	$ 950,000
Temporarily restricted assets	$ 1,400,000
Permanently restricted assets	$ 2,900,000
Total	$ 6,650,000

The temporarily restricted assets are to be used, as needed, for land, buildings, and equipment.

The income from the permanently restricted assets can be used for any purpose by the Foundation.

Journalize the following transactions and prepare a Statement of Activities and a Statement of Financial Position.

a)

Received cash of $1,000,000 on the contributions receivable.

b)

Wrote off $18,000 of the contributions receivable.

c)

Received unrestricted cash gifts of $360,000.

d)

Paid salaries of $150,000.

e)

Received a cash gift of $600,000 that ADA must use to maintain its food pantry.

f)

Received income of $145,000 generated by the permanently restricted net assets.

g)

Purchased new computer equipment for $16,500. Used temporarily restricted funds.

h)

Paid insurance of $7,200, advertising of $3,500, and utilities of $11,600.

i)

Received a permanently restricted cash gift (Investment) of $325,000.

j)

Used $56,000 of the gift from (e) for its food pantry.

k)

Computed depreciation of $17,500